Who Is Part of Your Professional Team?
If you are like most Americans, you have at least one to-do list. You might also use lists when
you are shopping, brainstorming, setting goals, and planning for events.
To-do lists, grocery lists, bucket lists . . . the list goes on. However, there is one crucial list that
often gets overlooked: the list of trusted professionals and decision-makers who can step in for
you during a time of need.
This list can be a centralized document of all the key players in your life who advise you on a
regular basis or are legally designated to carry out your affairs when you become incapacitated
(unable to manage your affairs), pass away, or experience an emergency. This simple yet
powerful tool can help you, your professional team, and your loved ones be better prepared for
future scenarios and more smoothly navigate challenging times.
Your List of Professionals
Your list of professional advisors should contain contact information for the following important
people in your life:
- Accountant
- Financial advisor
- Insurance agent
- Spiritual advisor
- Other professionals you routinely work with, such as legal and medical professionals
You will also want to include on this list the following key decision-makers in your estate plan
documents:
- Trusted family and friends, in particular those whom you have designated as an agent under
a power of attorney
- Your estate executor/personal representative
- Trustee(s) of your trust(s)
- Guardian of your minor children
For each contact, provide the following information:
- Full name
- Area of expertise or relationship to you (e.g., long-term care insurance agent, son, etc.)
- Contact information (phone number, email address, mailing address)
- Account or policy numbers for any assets under a professional's management (where
applicable)
- Any authority that has been given to a person (agent under a power of attorney and, if so,
the type(s) of power granted, such as financial, medical, general, or springing)
Why You Need an Advisor List
A list of professionals can prove invaluable for your loved ones if you pass away or a health
crisis leaves you incapacitated. Without it, your loved ones may be left to navigate a maze of
financial accounts, legal documents, and critical decisions. Having a centralized repository of
who's who in your personal and professional lives can save your family time, money, and stress
when managing and winding down your affairs. Here is a look at who may need to be involved
and what they might need to know:
- The person you designate as an agent in your financial power of attorney may need to know
whom to contact to oversee and manage your finances.
- Your executor or funeral representative should know your spiritual wishes when you pass
away. Your executor also needs to understand all of the transactions you are a party to so
that your estate can be settled.
- The trustee of a trust you created may want to work with your financial advisor or your
attorney to manage the trust's accounts and property in accordance with your wishes and
legal requirements.
- Your healthcare proxy (the agent under your healthcare power of attorney) might need to
reach out to your providers about treatment options and end-of-life decisions.
In addition to incapacity and death, there are everyday situations when you may need ready
access to this list.
For example, if you must travel unexpectedly, get caught in a natural disaster, are hurt in an
accident, lose your smartphone or internet access, or are forced to deal with a family crisis, you
might need to reach out to people on the list who can act on your behalf or otherwise provide
assistance. However, their contact information may be stored in different locations and hard to
locate in a crisis. A single list containing this information is more accessible and efficient.
Ensure that the list can be accessed by the right people at the right time. Keep it in a secure
location, such as a home safe or encrypted digital file, where your advisors and trusted
decision-makers can obtain a copy via instructions and permissions you provide to them ahead
of time. You might also want to include a copy of the list with other important documents, such
as your estate plan, so that designated individuals such as your executor or trustee can refer to
it. Consider keeping a copy of the list on file at your advisors' offices as backups and for
safekeeping.
Add Making a List of Professionals to Your To-Do List
You may assume that your loved ones know whom to contact at a critical moment or that this
information is readily available. Compiling a contact list can also get lost in the shuffle of bigger
tasks such as making a will, setting up a trust, paying your taxes, and following a financial plan.
A list of professionals and key decision-makers is an underutilized planning tool that
complements your existing documents and goals. This type of list is not just about names and
numbers. It ensures that you, your loved ones, and your team can quickly and seamlessly
collaborate for your best interests in difficult situations, both expected and unexpected.
Life and relationships change. The next time you meet with us, check that your advisor list is
accurate, up to date, and stored in a secure, accessible place - and check this important task off
your to-do list. If you have not already created one, we can assist you.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional Counselors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
