The Last Detail
Most definitions of financial health include: life insurance, a will, powers of attorney, maximizing income and minimizing debt. However, financial health also includes information gathering and dissemination of that information when needed.
In today’s complicated world many assumptions are made about the ability to gather and summarize information so that the people selected to carry out our wishes can do so effectively. Increasing privacy concerns and legislation combined with an increase in financial information stored or accessed digitally can lead to lost assets.
Privacy concerns at financial institutions have lead to the requirement of estates being probated prior to the release of financial assets.
Unless the sources of an individual’s assets and obligations are documented and
effectively communicated they have no control over events that unfold after their passing or during their incapacity.