Many people wait until they’ve experienced a painful loss to set up emergency manuals for family members and executors
Many people wait until they've experienced a painful loss before assembling a death binder with instructions for loved ones.This is Globe Advisor ’s weekly newsletter for professional financial advisors, published every Friday. If someone has forwarded this newsletter to you via e-mail, or you’re reading this on the web, you canare emergency manuals for surviving family members to explain the finances, household chores and other logistics for when the binder’s author is no longer around.
But setting them up isn’t easy. Many clients are spent after drafting wills, powers of attorney and lists of important contacts, not to mention gathering all of their government documents, investment and insurance statements, and household bills. Christine Brunsden, president and trusts and estate practitioner at Trusted Legacy Consulting Corp. in Burlington, Ont., works on extensive organizers for her clients and consults with several financial institutions on how to proceed. Ms. Brunsden spoke recently with Globe Advisor on the matter.Many people often wait to set up a binder when they’ve experienced a painful loss – either when the brush of mortality comes close or they see more years behind them than ahead of them.
A legacy mission statement is the first thing we start with. I have one for my business and also a personal one. It’s on a piece of paper by my bedside. I review it every single night and try to make sure I’m still living that legacy. It’s all about the principles and values that are important to you. The binder should be designed around how you want to be looked after while you are living but not capable and the things you want to happen when you’re no longer here to give direction.
Every year, investors are promised a “stock picker’s market” that never seems to materialize. The investment industry is claiming perpetually that the moment has arrived for active investment strategies to carry the day over low-cost index funds. This year, the stars seem to have aligned. But still, active fund managers can’t seem to seize the moment.
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