Just in Case

Contributed by: Cindy Wysong, BCWM LLC, CFP®

You have likely said (or thought) “just in case” thousands of times in your life. And because of it, you took care to take an extra step. You packed that extra diaper just in case your baby or grandbaby decided to poo twice in the next hour. You packed that umbrella just in case it decided to rain during the soccer game. You tucked that $20 bill in your child’s hand as he rushed out the door…just in case. And you continue to say “I love you” at the end of each phone call just in case it’s the last time you get to talk with your loved one.

In this short article, I am going to encourage you to take a few extra steps to ensure you are prepared for the “just in case” events in life that no one wants to experience.

Power of Attorney

Just in case you or a loved one becomes disabled and unable to make decisions, do you have someone in your life who could step in to help you? If yes, make it legal. Provide a trusted friend or family member a “Power of Attorney,” the legal power to act on your behalf in the event you cannot do so.

There are different types of Powers of Attorney, but an estate planning attorney can help you decide which ones will best suit you.

A Medical Power of Attorney provides someone the ability to make decisions on your behalf as it relates to your medical needs.

A Financial or General Power of Attorney allows someone to make decisions as it relates to your financial life.

Living Will

A Living Will (also known as an “Advance Healthcare Directive”) is different from a Last Will and Testament. A Living Will enables you to dictate what kind of medical treatment you will allow – or refuse – to be used near the end of your life.

Last Will & Testament

Just in case you die, have you taken the extra step to ensure your assets or special possessions pass to the specific loved ones you envision? Updating the beneficiaries on assets such as life insurance policies or investment accounts is easy. But, a Last Will and Testament especially helps for tangible items such as a beloved family heirloom.

Reminder: Typically, beneficiaries listed on life insurance policies and investment accounts trump what is written in the Will.

At the very least, do your loved ones a favor. Log into your accounts and ensure your beneficiaries are who you intend them to be.

Digital Assets

What about digital assets? Pictures you’ve stored on the cloud. Your social media accounts. Your email. What happens to your online life just in case you pass away?

Talk with your attorney, but more and more it has become commonplace for Last Will & Testament documents to provide an opportunity to name a “digital executor.” Of course, you would need to give your account login credentials to your digital executor so that your accounts could be managed/deleted after your death.

I’m not sure about you, but to think of providing someone with an updated list of my passwords that seem to be ever-changing sounds like a nightmare. But, if your passwords are organized in a manner that could be handed off easily to your executor…that might make your plan more realistic. (There are several password manager apps that could help you.)

Maybe that’s where you can start today. Begin to organize your list of passwords (in a secure manner) and work your way up the list in this article.

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Cindy Wysong is a Partner and Wealth Advisor at BCWM, LLC.

To contact Cindy:

Email: cindy@bcwm.com

Telephone: (913) 685-2300

www.bcwm.com