It’s hard to believe the month of February, often referred to as the “month of love,” is quickly coming to a close. When we contemplate the true meaning of love, many of us immediately consider the overwhelming love we have for our families and those individuals who mean the most in our lives. Likewise, when we think of those individuals, we often ponder the many ways we can express our love for them, in word and in deed.
At Merit, we firmly believe in one incredible gift you can bestow upon those you love the most: the gift of knowledge. Making sure your family and loved ones are “in the know” when it comes to matters of a personal and financial nature is one of the most generous acts of love you can give them. In the event of your passing, your family and loved ones will likely be emotionally overwhelmed and wondering where to begin, not only with the process of working through their own grief but with regard to handling your estate and business affairs. While you can’t help them manage grief, you can take steps while you’re living to ensure the handling of your financial affairs isn’t overly burdensome at your passing. What are some ways you can show your love and give the gift of knowledge?
- Share with them the location of important information: wills, trusts, life insurance policies, safe deposit boxes, etc. Doing so will ensure that when the time comes, determining the location of necessary documentation is one less task to tackle.
- Be sure to complete our PAL (Passwords, Assets, Location) Guide, and store this in a safe place with other important documentation, so they will have access to necessary passwords, know what institutions manage and maintain assets and again, know the location of important documentation.
- Verbally talk through your final wishes and legacy desires, as laid out in your estate planning documents. That way, your wishes won’t come as a “surprise” at your passing. They will hear your desires from you, verbally, and will have a venue in which to ask questions and obtain clarification. This will help instill confidence as they are carrying out your wishes, and ensure there are no questions left unanswered.
- Let us assist in opening family dialogue and channels of communication by spearheading a family meeting. During this family meeting, we will help you discuss the financial and estate planning you’ve completed to date, much of which was done with the best interest of those you love the most, in mind. You’ve worked hard to care for them and set them up for success in the future. Let us help you articulate the “why” behind your thoughtful and strategic planning.
Here at Merit, our clients are family. Let us help you give the gift of knowledge to those you love the most. If you would like to discuss further, please reach out to your advisory team.