Talking about money can be difficult, even with your closest family and advisors. It is common for worry about ‘having enough’ to keep people from discussing important details like your priorities for your money during your lifetime and after your death. Add a few money-hungry relatives into the mix and talking about money becomes an anxiety-producing conversation. Thinking about personal finances can easily get put on the back burner.

Financial advisors and estate planning attorneys advise clients on how to make sure thoughts are put into action, but before any advisor can provide accurate guidance, you need to fill in the details of your personal philosophies and preferences. Prioritize finding an advisor you trust and with whom you can spend enough time to really understand your goals and wishes.

Often, you make a decision like naming a joint owner to an account or a pay-on-death beneficiary while sitting at the kitchen table or a bank counter without those trusted advisors around. Those types of designations can wreak havoc with the availability of your money for your needs during your lifetime and with your estate plan after your death. For example, naming one child as a joint owner on your primary bank account can leave the other child without an inheritance after your death, no matter what your Will or Trust says.

Set up a time with your financial advisor or estate planning attorney to go through your account statements and beneficiary designations to make sure the way things are set up truly reflects your wishes. Take the time now to ensure you have up-to-date financial powers of attorney so that you know exactly who will be taking care of your money if you cannot. And most importantly, talk about your money with your advisors and the people in your life who you have designated to help you out in a time of need. You will enjoy the peace of mind that comes with knowing you have a plan reflecting your wishes and your priorities.

For a consultation on estate planning and financial powers of attorney contact:
K. Alice Young, Esq. , Member: Maryland Senior Resources Network
410-554-3600
KAYoung@nusinovsmith.com
Nusinov Smith, LLP
2002 Clipper Park Road, Suite 108
Baltimore, Maryland 21211
Located in the Woodberry neighborhood near Hampden
Serving Baltimore City, Baltimore County, Howard County, Harford County, and Anne Arundel County