Three approaches to make a list of the people you care about

Regardless of whether you’re setting up new operations, or working on a small-scale business, or working to get your accounting straightened out, WAG Consulting has all the online Accounting support that you need

You’ve probably left little to chance when it comes to your investment strategy. So, why take a chance on who might handle your finances if you’re no longer capable of doing so?

Your financial advisor or WAG Advisors can assist you in establishing the following:

1. Beneficiaries: This is where your money goes once you die.

One of the simplest methods to ensure that your assets are distributed to the individuals you want is to identify them as beneficiaries. You may believe that your ‘will’ covers this or that your family will automatically receive what you want them to have. However, this may not be the case.

You will also help your loved ones avoid probate by naming beneficiaries (the legal process of distributing your estate). They may save both time and money as a result of this.

Beneficiaries can typically be named in retirement accounts, life insurance policies, and annuities. Brokerage accounts do not have beneficiary designations by default. Still, your financial advisor can put up a Transfer on Death (TOD) arrangement that names the people you like to transfer your assets.



2. Power of attorney: the authority to make decisions on your behalf.

A power of attorney (POA) appoints someone to make decisions on your behalf if you cannot do so. POAs are classified into numerous types:

1. Traditional – It ends when you become disabled or die.

2. Long-lasting — Continues even if you become debilitated but ceases when you die.

3. Financial – Allows someone to make financial decisions on your behalf.

4. Health care – Authorizes another person to make medical choices on your behalf.

Your financial advisor can collaborate with you and your attorney to help you understand POAs and how they work.


3. Reliable contact: an additional degree of security

WAG Consulting empowers you to add a trusted contact who can manage your account. You can name a person with contact details whom your financial advisor can contact if

  1. They cannot reach you.
  2. They must affirm your legal guardian, executor, trustee, or power of attorney if they feel someone is attempting to exploit you.
  3. Wants to check on your health if they believe your financial situation is in jeopardy.

Your trusted contact is simply another point of contact for your accounts. They are not authorized to transact business on your behalf, make trades in your reports, or withdraw funds.


Keeping everything up to date

It’s always a prudent process to go over your options after a significant life event, such as marriage, divorce, or having a child. This might help guarantee that you have included the essential people in your life and finances.