Step 15

The End is Near: The Planning Expert

The tax advisor helps consider taxes, the legal expert gives advice based on the law, but there is no one overseeing the big picture of your financial life with you so consider working with a financial advisor.

1. A CFP, Certified Financial Planner, has a fiduciary duty to advise on what is in your best interest.
2. For help acting on the tax and legal advisor’s advice, as well as to consider all areas of financial planning, a CFP® can be your advocate and assist in communicating and implementing the advice of the team of advisors.
3. It’s tough; we sometimes don’t want our children too involved, this is not an area we are comfortable talking about in detail with other family or friends, so who else can we turn to?
4. You need someone licensed (so you are protected), experienced (so you are not the guinea pig) and trustworthy (so you don’t get hurt), who will care about, and  help to take care of your financial needs.

What a CFP® Can Help With

• Estate Planning—assisting with updating beneficiaries, account titling, and charitable/gifting based on the advice of your estate planning attorney and tax advisor.
• Education Planning—understanding and investing in college funding options.
• Income Planning—income and expense planning with prudent withdrawal strategies in conjunction with a tax advisor.
• Investment Planning—monitoring and advising on investing for growth and income in coordination with your tax advisor.
• Insurance Planning—analyzing options to address risks associated with death, long term care and disability.
• Retirement Planning—lifestyle planning to meet spending goals and needs in retirement to minimize the worry about running out of money.

For more on these chapters and other steps to take before a major life event happens, check out my book the “Before” Financial Checklist: 15 Important Actions to Complete Before the Loss of a Loved One, available on Amazon.

Step 11

The First Month: Miscellaneous “To Dos”

1. Go to the DMV (Department of Motor Vehicles) to cancel driver’s license and transfer vehicle title.
2. Notify the Registrar of Voters.
3. Cancel any medication prescriptions, print subscriptions, and memberships.
4. Delete online personal accounts: email, social media, business sites, etc., to avoid fraud or identity theft. Procedures for each will vary.
5. Send out acknowledgements for cards, donations, etc., if you’ve decided that is something you want to do. This can also be delayed until a time that you are ready and able to tackle this project.
6. Contact the Post Office with forwarding information, if necessary.
7. Cancel all services no longer needed, i.e. phone, internet, cable, etc.