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Money Matters for Seniors
Estate Planning: Ensuring your Legacy
A will and financial power of
attorney are crucial in estate planning, but there is more
By Robert Valentine,
Certified Senior Advisor
August 11, 2006 - Deciding how you want to be
remembered after youre gone can be one of the most important decisions
you make. Do you want your legacy to be judged by your entire life or by
a bitter legal battle over your assets?
People often avoid the issue of
death, but in the case of estate planning, its really about focusing on
life. Youre no doubt proud of your accomplishments in life, no matter
what they may be. Your children, your career or your impact on others
lives these are the types of things that should be remembered.
Estate planning remains one of the ways you can
protect yourself and your loved ones after youre gone. With the proper
techniques and planning, you can help ensure that youre remembered for
the impact you had on your community and your world. In the event of an
accident or other medical emergencies, you should be prepared.
In addition to a medical power of attorney and a
living will, which spell out what medical treatments you wish to have in
the event of an emergency and who will speak for you, you should prepare
a will and a financial power of attorney. These financial documents will
save your family from much of the heartache and hurt feelings that goes
with dividing up estates and making financial decisions.
While most Americans are familiar with wills, many
still do not have them. Wills can be as complex or as simple as you wish
and can directly spell out who you want to receive your assets after
your death.
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Insurance commissioners provide information by life
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It is sponsored by the National Association of Insurance Commissioners (NAIC)
and, they say, is designed to help consumers deal with "a maze of
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As part of creating your will, you will choose an
executor, the person who will ensure the stipulations of your will are
carried out. Your executor should be financially savvy and have the
energy and ability to carry out your wishes. A family member isnt
always the best choice, and you may want to consult with your financial
professional on appropriate alternatives.
A financial power of attorney grants the
responsibility for the financial decisions regarding your estate. You
choose who you designate as your representative Your financial power of
attorney can also be your medical power of attorney, but it doesnt have
to be. In many cases, your spouse is both, however, its important to
name a back-up, in case your spouse is also injured or passes away.
Wills and a financial power of attorney, along
with a living-will and a medical power of attorney, make up the four
basic documents and preparations of estate planning.
They are, however, only a few of the many options
you have when it comes to deciding what your legacy will be. Trusts,
insurance and other options exist, as well as several other tax
strategies that can be utilized in your estate. Your financial
professional can help in planning the entire process.
Robert Valentine is a Certified Senior
Advisor in Huntington Beach, CA. He can be reached at (877)
732-2637.
Note: This article was submitted by Robert
Valentine of Financial and Retirement Management. Robert (CA Insurance
Lic #0C23496) is a Registered Representative of and offers securities
through Securities America, Inc., a Registered Broker/Dealer, Member
NASD/SIPC. Advisory services offered through Financial and Retirement
Management, a Registered Investment Advisory firm. Robert is a Certified
Senior Advisor in Huntington Beach, CA. Several of his articles on
financial planning matters that concern investors have been published.
Robert can be reached at (877) 732-2637.
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