Who You Gonna Call? ... Not Ghostbusters

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Welcome to something more with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner

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and senior vice president and financial advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it something more because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Welcome everybody.

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Thanks for being with us for another episode

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of something more.

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I'm here with Jeff Perry and Russ Ball.

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We are all of the AMR team at

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Wealth Enhancement and glad to have you here.

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We're going to talk about a variety of

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topics today, specifically we intend to dig into

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a topic that's come up with some clients

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about having that letter in the drawer, the

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where my stuff is.

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But before we do that, I thought we

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maybe should touch on the notion of something

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significant that's evolved in the news and that

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is the government shutdown.

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This is one of those instances where we

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always wonder what will be the market reaction

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and how will things be impacted with the

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consequence of anxiety in the news of something

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significant?

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Will it have a broader economic consequences over

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time or will it get resolved very quickly?

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It does seem to start off where both

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sides seem pretty entrenched in their view.

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Everyone's trying to position so that they're not

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the one getting blamed.

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That's very true, Chris.

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It's your fault.

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It's your fault.

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Yeah.

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And yet another example of government dysfunction, it

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seems.

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No doubt.

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How we worry about what will be the

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budget for the year ahead.

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This is where we start our planning.

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Essentially, this is our fiscal year that started

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in October for the 2026 fiscal budget, I

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guess.

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It seems like this is always perpetually one

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of these things we worry about.

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Will there be a government shutdown?

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And then the other one is when there's

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the debt ceiling.

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Luckily, the debt ceiling has been addressed for

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the moment.

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That was part of OBBA, right?

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I believe so.

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Yeah.

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All right.

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Thank goodness.

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One thing, at least, that's not an immediate

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anxiety's point for the market.

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Chris, can I start with a question for

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you?

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Because you've been watching the market and doing

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financial planning for a couple of years now,

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20 or so.

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Are you surprised by this news or other

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news-like things?

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The market isn't shaken by this so far

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or anything else that in the past-

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It really is surprising to me.

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Yeah.

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I share that.

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It sounds like you feel the same way.

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We had a little disruption from tariffs earlier

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in the year, but markets shook that off

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pretty quickly.

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That was like a hiccup.

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Yeah.

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Word of the day.

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And then it's just kept on going.

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The Middle East still has its stresses.

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We've had Ukraine and Russia and China and

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everything where it just seems like there's always

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something that's an anxiety point.

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We've had things happening in the news with

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deployment of National Guard and all this.

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At other moments in time, just some of

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these news items would just create some angst.

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Volatility.

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Yeah.

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And yet, now it just seems to shake

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everything off.

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On the one hand, that's really pleasing as

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someone who manages money for our clients and

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how we navigate those long-term planning and

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so forth, that it's much easier for clients

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to see the long-term when they're not

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seeing big disruptions.

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It's kind of unexpected.

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I almost wonder if traders or retail investors

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or whoever you want to define, the different

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groups, don't believe anything.

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They think everything is subject to change.

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It's posturing, it's politics, it's whatever.

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And so I'm not really going to worry

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about it because it could go away or

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it could get worse.

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And so I'm just going to stay the

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course of however people are evaluating whatever investment

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stocks, for example.

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Well, that may not be inaccurate because so

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far that's kind of been what's happened, right?

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You look at the tariffs as an example

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of that.

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It's a great example, yeah.

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Starts off with this dire, drastic, extreme kind

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of anxiety.

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And basically with China, we were positioning to

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embargo trade with China, the way it was

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being set up.

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But when push comes to shove, it's been

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more of a negotiating ploy, it seems like,

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than the actual demand.

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And as much as people, they envision this

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bringing a lot of jobs back to the

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United States and perhaps there'll be some benefit

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for that.

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It does seem like it's been more about

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some revenue for the government.

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So now with the shutdown that we're in

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day two of, I guess the first thing

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that, well, it depends if you're a federal

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employee or not.

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Because if you're a federal employee, President Trump

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seems to be using this, whether it's posturing

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or whether it's real, as an opportunity to

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do some of the labor reductions that he

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wasn't otherwise allowed to do.

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So that's kind of the top story of

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the day, I guess.

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And we have other things like, well, we're

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not going to get economic data.

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Well, and the threat that some of these

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jobs may not return, right?

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That's right.

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He's talking layoffs, not furloughs, which is a

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different category that he seems like he can

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legally do.

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Maybe a leverage thing to your point.

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You know, so no financial data, which, you

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know, I think for a week or so

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maybe it's okay.

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But it could be disruptive if, you know,

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how's the Fed monitor things?

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How's the Fed respond to things?

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The Fed's still got jobs, right?

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I don't know.

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Well, one of them does.

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Yes.

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So there's been that Supreme Court case too,

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not related to the shutdown.

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And the other thing that I saw on

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the news related to the shutdown was Secretary

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Besant.

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Oh, you're talking about Cook?

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Is that what you're talking about?

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Yeah.

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And she's still got her job.

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Sorry, I didn't pick up on that.

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Yeah.

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That's all right.

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People don't pick up a lot of things

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I say.

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So we've got the layoffs, we've got the

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lack of data.

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And the other thing I saw on the

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news is that Secretary Besant, Treasury Secretary is,

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I don't know, warning's the right word, but

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announcing that if this shutdown is longer term,

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that it could have a negative impact on

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GDP for the quarter.

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Yeah.

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That's a concern, right?

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Disruption on employment and the purchasing that goes

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with that.

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Permits and all the things the government-

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Economic slowdown that that can generate.

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Yeah.

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Yeah.

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That's all these, you know, elements that-

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Your first thought is like, well, it's government.

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What do they produce?

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But then you think about, well, they touch

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so many things, whether it's regulations or whether

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it's hearings or whether it's permits or whether

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it's, you name it.

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They have a little piece of the process

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of approving things and those things get stalled.

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And that ultimately leads to more problematic

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- People that support government activities.

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And so, you know, it does have some

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significant economic consequences if it continues long term.

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Well, I imagine that's the challenge.

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You know, will we be having this conversation

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a week or two from now, or will

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we be having this conversation a month from

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now?

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You know, if it goes a month, you're

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starting to see some of that kind of

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worry.

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If it's a week or two, usually how

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it happens is things kind of just back

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to business as usual and the people whose

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jobs were affected get back pay and-

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Right.

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Yep.

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It ends up to be a vacation, actually,

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a paid vacation for the workers who are

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- Stressful vacation.

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Yeah.

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Stressful vacation.

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And then a lot of- Maybe more

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so this time with the potential for layoffs

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coming.

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But yeah, I think there's a lot of

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posturing, like we said, and it's hard to

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know what's just messaging.

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Just try to get the other side to

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give in on what's actually real.

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But it does seem from some of the

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interviews I've heard that Democrats feel that this

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is their one point of leverage and it

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feels like their heels are pretty well dug

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in, but anything can happen.

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And it's unfortunate that there's political dynamics of

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everyone trying to appeal to their base to

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be seen in a certain way.

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It doesn't seem like it's purely about the

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merits of whatever the spending really is focused

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on.

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It never is, right?

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Yeah.

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The emails are out on both sides fundraising

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why they need to get more donations to

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stop or start or whatever the cause is.

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Well, let's turn our attention to what we

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really wanted to talk about today.

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And Russ, I think you were in this

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meeting.

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We had a conversation recently with a client

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and they said something about, oh yeah, I

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have a folder full of stuff that's really

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old.

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I have to revisit that.

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This notion of in the desk drawer where

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my assets are or who to call.

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I thought that would be just a topic

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that would be worth spending a few minutes

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on, Jeff, because everyone should have this.

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It's not something we have as a focal

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point of our planning.

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And yet it's a really important part of

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one's plan, more for the people you leave

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behind in the event of an illness, a

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prolonged illness, or in the event of a

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passing, this question of who do I call?

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Where's our stuff?

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What do I do?

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Maybe Jeff, let's start with what have you

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done?

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Because I know you mentioned you've done some

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00:11:36,940 --> 00:11:38,740
of this stuff for your family.

279
00:11:39,520 --> 00:11:40,160
Yep, absolutely.

280
00:11:40,400 --> 00:11:44,060
And just a side note, because when you

281
00:11:44,060 --> 00:11:45,880
mentioned this topic to me today, the first

282
00:11:45,880 --> 00:11:47,300
thing I thought of was the webinar we

283
00:11:47,300 --> 00:11:49,740
just did with the digital wrangler.

284
00:11:50,120 --> 00:11:51,560
Yeah, Kate Hufnagel.

285
00:11:51,680 --> 00:11:53,120
And that was well received.

286
00:11:53,240 --> 00:11:54,440
And by the way, if you want to

287
00:11:54,440 --> 00:11:55,900
check that out, you can find it on

288
00:11:55,900 --> 00:11:59,940
YouTube or go to our webpage.

289
00:12:00,700 --> 00:12:02,640
You can find that either by going to

290
00:12:03,480 --> 00:12:13,560
somethingmorewithchrisboyd.com or wealthenhancement.com slash AMR. Even

291
00:12:13,560 --> 00:12:15,820
more convenient, I'll throw a link to the

292
00:12:15,820 --> 00:12:19,760
YouTube video in the show notes.

293
00:12:19,880 --> 00:12:21,560
So if you're listening and you want to

294
00:12:21,560 --> 00:12:23,580
just go from us, when we're done, please

295
00:12:23,580 --> 00:12:23,940
wait.

296
00:12:23,940 --> 00:12:24,720
Yeah, yeah.

297
00:12:26,100 --> 00:12:28,520
But that's a great point in terms of

298
00:12:28,520 --> 00:12:32,520
there's a variety of things that are digital

299
00:12:32,520 --> 00:12:36,480
based that are, how do I get access

300
00:12:36,480 --> 00:12:36,820
to?

301
00:12:36,960 --> 00:12:38,080
Where do I find those things?

302
00:12:38,480 --> 00:12:41,020
Will you retain the rights to?

303
00:12:41,700 --> 00:12:43,480
And a little bit of forethought can really

304
00:12:43,480 --> 00:12:44,560
make a difference there.

305
00:12:44,700 --> 00:12:44,800
Right.

306
00:12:45,240 --> 00:12:47,240
I mean, just think 20 years ago, if

307
00:12:47,240 --> 00:12:49,500
you had a parent pass or your spouse

308
00:12:49,500 --> 00:12:52,320
became ill or you weren't the one handling

309
00:12:52,320 --> 00:12:54,020
the money and you needed to figure it

310
00:12:54,020 --> 00:12:54,460
out, right?

311
00:12:54,480 --> 00:12:55,240
Where's my stuff?

312
00:12:55,320 --> 00:12:55,900
What do I do?

313
00:12:56,480 --> 00:12:59,120
You waited by the mailbox pretty much.

314
00:13:00,160 --> 00:13:04,020
Because over the next month or quarter, everything's

315
00:13:04,020 --> 00:13:05,300
coming in the mail to you.

316
00:13:06,440 --> 00:13:08,400
Assets, liabilities, whatever.

317
00:13:08,940 --> 00:13:10,880
If there was an insurance policy at some

318
00:13:10,880 --> 00:13:12,820
point, there'd be a bill or a statement,

319
00:13:13,240 --> 00:13:15,340
you know, things like that.

320
00:13:15,440 --> 00:13:17,140
But not always is that the case today.

321
00:13:17,140 --> 00:13:20,180
I'd say it's a minority of cases.

322
00:13:20,560 --> 00:13:24,280
I know from you asking me what we

323
00:13:24,280 --> 00:13:28,460
do, I don't think we get anything official

324
00:13:28,460 --> 00:13:31,100
in the mail anymore other than advertisements and

325
00:13:31,780 --> 00:13:32,900
maybe Christmas cards.

326
00:13:34,760 --> 00:13:37,660
So yes, I have drawn a letter of

327
00:13:37,660 --> 00:13:39,560
instructions upon my passing.

328
00:13:40,560 --> 00:13:42,740
Because I'm the one who handles the bills

329
00:13:42,740 --> 00:13:43,500
and the investments.

330
00:13:44,040 --> 00:13:45,880
Lisa has a lot of things that she

331
00:13:45,880 --> 00:13:48,480
does, but that's not one of them she's

332
00:13:48,480 --> 00:13:49,140
interested in.

333
00:13:49,420 --> 00:13:51,100
She knows about everything, obviously.

334
00:13:51,480 --> 00:13:55,260
But one of the basic things is, here

335
00:13:55,260 --> 00:13:55,780
are our bills.

336
00:13:55,920 --> 00:13:56,840
Here's how they're paid.

337
00:13:56,960 --> 00:13:58,060
Here's what to expect.

338
00:13:59,180 --> 00:14:01,980
And then here are the related passwords to

339
00:14:01,980 --> 00:14:03,300
these accounts, right?

340
00:14:03,680 --> 00:14:05,060
And bookmarked.

341
00:14:05,160 --> 00:14:06,120
It takes a little bit of time to

342
00:14:06,120 --> 00:14:07,920
pull that together and for you to do

343
00:14:07,920 --> 00:14:09,500
that right up.

344
00:14:10,060 --> 00:14:10,300
Sure.

345
00:14:10,620 --> 00:14:10,940
Absolutely.

346
00:14:11,300 --> 00:14:13,360
That is incredibly valuable.

347
00:14:13,360 --> 00:14:17,220
It's an exercise that isn't only, you know,

348
00:14:17,280 --> 00:14:21,460
in case of my early passing, but it's

349
00:14:21,460 --> 00:14:23,160
also a good exercise for you to do

350
00:14:23,160 --> 00:14:25,760
as a person, like the one who's handling

351
00:14:25,760 --> 00:14:27,880
it to say, these are my bills, when

352
00:14:27,880 --> 00:14:28,460
are they due?

353
00:14:29,400 --> 00:14:32,160
And also in that process, I bookmarked all

354
00:14:32,160 --> 00:14:34,680
of the websites related to those.

355
00:14:34,880 --> 00:14:39,080
And I did it for Lisa, but I

356
00:14:39,080 --> 00:14:41,200
also did it for myself because, you know,

357
00:14:41,220 --> 00:14:42,980
we learn from people when we're talking about

358
00:14:42,980 --> 00:14:45,900
scams and, you know, how to prevent things

359
00:14:45,900 --> 00:14:49,100
that if you deal with Bank of America,

360
00:14:49,100 --> 00:14:50,800
you just don't want to Google Bank of

361
00:14:50,800 --> 00:14:53,680
America because who knows what's at the top.

362
00:14:53,800 --> 00:14:55,900
So if you save your bookmarks, if you

363
00:14:55,900 --> 00:14:59,440
bookmark your legit sites, you just use those

364
00:14:59,440 --> 00:15:00,600
because, you know, they're going to be safe

365
00:15:00,600 --> 00:15:01,140
and secure.

366
00:15:02,480 --> 00:15:04,260
And, you know, you need to have all

367
00:15:04,260 --> 00:15:08,880
your documents, your estate planning documents, fresh, meaning

368
00:15:08,880 --> 00:15:11,420
reviewed and that they're current and that the

369
00:15:11,420 --> 00:15:14,620
people that you appointed to be healthcare proxy,

370
00:15:14,780 --> 00:15:18,740
power of attorney, successor trustee, are still available

371
00:15:18,740 --> 00:15:20,240
to do those things.

372
00:15:20,860 --> 00:15:23,420
And if you move, you can update these

373
00:15:23,420 --> 00:15:26,040
things, but let them know where they are.

374
00:15:27,160 --> 00:15:31,540
And in my case, we've gone further where

375
00:15:31,540 --> 00:15:34,540
I have told her, call Chris Boyd.

376
00:15:34,920 --> 00:15:37,000
Like, yeah, there you go.

377
00:15:37,260 --> 00:15:39,440
You know, like, but no, here's to someone

378
00:15:39,440 --> 00:15:40,140
who can step.

379
00:15:40,840 --> 00:15:43,880
This is a great place to start.

380
00:15:44,000 --> 00:15:45,580
I think when it comes to thinking about

381
00:15:45,580 --> 00:15:48,840
clients and who they should, they should have

382
00:15:48,840 --> 00:15:51,020
a little laundry list of where they've got

383
00:15:51,020 --> 00:15:54,420
the name, address, phone number, email, maybe of

384
00:15:54,420 --> 00:15:55,900
certain kinds of people.

385
00:15:56,080 --> 00:15:58,280
So who is that estate planning attorney that

386
00:15:58,280 --> 00:16:00,760
they should call when it comes time to

387
00:16:00,760 --> 00:16:04,160
deal with either kind of circumstance and incapacity

388
00:16:04,160 --> 00:16:06,600
or passing?

389
00:16:07,460 --> 00:16:09,840
Who's your financial planner, investment advisor?

390
00:16:10,640 --> 00:16:14,180
Who's your tax preparer, accountant, CPA, whatever you,

391
00:16:14,300 --> 00:16:15,940
you know, use in this process.

392
00:16:17,540 --> 00:16:19,640
Who handles your life insurance?

393
00:16:19,960 --> 00:16:21,700
Is there a single agent?

394
00:16:22,220 --> 00:16:24,320
Is it multiple companies you deal with directly?

395
00:16:25,420 --> 00:16:27,100
How do you contact them, right?

396
00:16:27,760 --> 00:16:30,520
Maybe policy numbers to go with those kinds

397
00:16:30,520 --> 00:16:32,920
of account numbers to go with those kinds

398
00:16:32,920 --> 00:16:33,300
of things.

399
00:16:33,440 --> 00:16:34,640
We'll come back to that.

400
00:16:35,180 --> 00:16:35,980
Do we have a lender?

401
00:16:36,340 --> 00:16:37,440
Is there a mortgage?

402
00:16:37,640 --> 00:16:40,960
Is there car loans or whatever?

403
00:16:41,220 --> 00:16:42,880
You know, who do we owe money to?

404
00:16:43,820 --> 00:16:46,260
Who do we have a banking relationship with?

405
00:16:46,440 --> 00:16:48,360
We, you know, we may have one bank,

406
00:16:48,460 --> 00:16:49,440
maybe we have five banks.

407
00:16:50,880 --> 00:16:53,500
Do I know where all the banking money

408
00:16:53,500 --> 00:16:54,320
is, right?

409
00:16:54,340 --> 00:16:55,360
Or whatever it might be.

410
00:16:55,460 --> 00:16:58,140
And if it's in the case of investments,

411
00:16:58,380 --> 00:17:00,500
maybe it's not one person, maybe it's multiple

412
00:17:00,500 --> 00:17:01,280
people, right?

413
00:17:02,560 --> 00:17:04,700
Or firms, if you deal with them directly.

414
00:17:05,280 --> 00:17:06,920
You know, I think there's other things too,

415
00:17:06,980 --> 00:17:11,560
Jeff, like what about the intangible stuff of

416
00:17:11,560 --> 00:17:13,700
like, who do I call if I need

417
00:17:13,700 --> 00:17:14,960
to repair something?

418
00:17:15,520 --> 00:17:15,760
Yeah.

419
00:17:16,720 --> 00:17:20,619
Who's the handyman helper or whatever that I

420
00:17:20,619 --> 00:17:21,200
would use?

421
00:17:21,380 --> 00:17:23,859
Well, it used to be, you know, I'd

422
00:17:23,859 --> 00:17:26,060
call Jeff or, you know, like, hey Jeff,

423
00:17:26,200 --> 00:17:27,840
this door is squeaking.

424
00:17:28,260 --> 00:17:30,900
Who do I call now?

425
00:17:31,000 --> 00:17:31,160
Right?

426
00:17:31,300 --> 00:17:32,000
You know, that kind of thing.

427
00:17:32,000 --> 00:17:32,660
Sorry, I moved.

428
00:17:33,660 --> 00:17:33,960
Yeah.

429
00:17:34,240 --> 00:17:35,100
No, you know what I mean?

430
00:17:35,300 --> 00:17:38,040
No, but it's about keeping that list fresh

431
00:17:38,040 --> 00:17:39,560
as well, like looking at it.

432
00:17:39,600 --> 00:17:39,760
Yeah.

433
00:17:39,760 --> 00:17:42,040
You need to think of new possibilities in

434
00:17:42,040 --> 00:17:42,640
the case you move.

435
00:17:42,640 --> 00:17:43,760
Who's a plumber?

436
00:17:43,960 --> 00:17:45,840
Who's a yard care?

437
00:17:46,240 --> 00:17:46,840
I don't know.

438
00:17:46,900 --> 00:17:49,220
You get pest control, whatever it might be,

439
00:17:49,260 --> 00:17:49,440
right?

440
00:17:49,460 --> 00:17:51,600
There's a laundry list of, you know, maybe

441
00:17:51,600 --> 00:17:55,440
some people have an alarm service or automotive

442
00:17:55,440 --> 00:18:00,880
care for a lot of times trustworthy auto

443
00:18:00,880 --> 00:18:01,200
care.

444
00:18:03,580 --> 00:18:05,340
Those are a few of the things that

445
00:18:05,340 --> 00:18:07,840
come to my mind, you know, just on

446
00:18:07,840 --> 00:18:10,140
the, who do I call list?

447
00:18:10,140 --> 00:18:14,920
Um, but, um, there's probably a variety of

448
00:18:14,920 --> 00:18:17,100
other things that I haven't thought of, but,

449
00:18:17,280 --> 00:18:20,580
um, I think you could also maybe step

450
00:18:20,580 --> 00:18:23,220
back and say, who has a key to

451
00:18:23,220 --> 00:18:23,800
my house?

452
00:18:23,880 --> 00:18:25,860
Who has access to the home?

453
00:18:25,980 --> 00:18:28,940
Are there neighbors, friends that have access?

454
00:18:29,020 --> 00:18:30,860
Are there family members?

455
00:18:30,940 --> 00:18:33,240
Are there, is that, do we still want

456
00:18:33,240 --> 00:18:33,620
that?

457
00:18:33,780 --> 00:18:36,880
You know, it could be a different, oh,

458
00:18:36,940 --> 00:18:37,640
I didn't think of it too.

459
00:18:37,740 --> 00:18:39,520
Like if you had a pet who's handling

460
00:18:39,520 --> 00:18:42,380
the, oh, we have a pet sitter and

461
00:18:42,380 --> 00:18:43,780
geez, who is that?

462
00:18:44,180 --> 00:18:45,820
If, when it comes to an estate plan,

463
00:18:46,180 --> 00:18:47,920
you know, have you completed it with an

464
00:18:47,920 --> 00:18:49,580
updated it within the last three years?

465
00:18:50,280 --> 00:18:52,500
Um, three years are kind of arbitrary, but

466
00:18:52,500 --> 00:18:53,960
you know, is it, is it recent is

467
00:18:53,960 --> 00:18:55,720
kind of my point, is it current?

468
00:18:56,460 --> 00:18:58,020
I'd even add something to that.

469
00:18:58,100 --> 00:19:00,860
I totally agree with you, but like at

470
00:19:00,860 --> 00:19:03,400
least once a year, the couple in this

471
00:19:03,400 --> 00:19:05,620
case, or the individual, if you're, if you're

472
00:19:05,620 --> 00:19:08,360
living by yourself, but go over that document

473
00:19:08,360 --> 00:19:09,000
yourself.

474
00:19:09,000 --> 00:19:10,280
Like just look at it.

475
00:19:10,280 --> 00:19:11,480
I'm not saying you need to change it

476
00:19:11,480 --> 00:19:14,680
every year, but like, I think it's super

477
00:19:14,680 --> 00:19:16,560
common that life changes.

478
00:19:16,560 --> 00:19:19,740
Like maybe you have a relative who passed

479
00:19:19,740 --> 00:19:21,660
and they're not in the estate plan.

480
00:19:21,780 --> 00:19:23,920
So does that estate plan still work without

481
00:19:23,920 --> 00:19:25,160
that person being in it?

482
00:19:25,160 --> 00:19:29,640
Or who's the successor trustee or successor executor?

483
00:19:29,640 --> 00:19:33,380
And do those people know what you want?

484
00:19:33,480 --> 00:19:36,080
Cause that's a real missing, missing piece of

485
00:19:36,080 --> 00:19:38,520
this, you know, healthcare issues, right?

486
00:19:38,920 --> 00:19:39,200
Yeah.

487
00:19:39,340 --> 00:19:41,180
You're at the lawyer's office and you say,

488
00:19:41,240 --> 00:19:43,460
who's, you know, your brother or someone else

489
00:19:43,460 --> 00:19:45,160
is saying, who do you think you'd like

490
00:19:45,160 --> 00:19:46,380
as your healthcare proxy?

491
00:19:46,440 --> 00:19:49,040
And you list somebody actually need to talk

492
00:19:49,040 --> 00:19:49,740
to those people.

493
00:19:50,480 --> 00:19:51,920
And if something, no, do they know what

494
00:19:51,920 --> 00:19:53,080
your wishes are?

495
00:19:53,380 --> 00:19:55,020
Keep me alive at all costs.

496
00:19:55,020 --> 00:19:56,680
Cause when you're dead, you're dead.

497
00:19:57,200 --> 00:20:00,780
Or is it, well, quality of life, I

498
00:20:00,780 --> 00:20:03,440
want to, you know if I'm, you know,

499
00:20:03,480 --> 00:20:07,280
these kinds of nuances, I've heard people make

500
00:20:07,280 --> 00:20:10,880
good cases for different thoughts on this, you

501
00:20:10,880 --> 00:20:12,360
know, one way versus the other.

502
00:20:12,660 --> 00:20:14,680
And I think, you know, you need to

503
00:20:14,680 --> 00:20:17,360
have that clarity of what is their intention.

504
00:20:18,000 --> 00:20:19,560
And it may not be the same person,

505
00:20:19,680 --> 00:20:21,880
you know, for your trustee and your healthcare

506
00:20:21,880 --> 00:20:24,820
proxy power attorney, cause different people in your,

507
00:20:24,960 --> 00:20:26,880
in your family, in your life have different

508
00:20:26,880 --> 00:20:27,560
skill sets.

509
00:20:27,780 --> 00:20:30,280
But the greater point is I'm saying, look

510
00:20:30,280 --> 00:20:32,440
at those documents and say, you know, let's

511
00:20:32,440 --> 00:20:34,300
say you had a change in your health

512
00:20:34,300 --> 00:20:36,900
in the last year that might change some

513
00:20:36,900 --> 00:20:38,680
of this discussion with your healthcare proxy.

514
00:20:39,860 --> 00:20:43,100
Just make sure your documents are updated for

515
00:20:43,100 --> 00:20:44,120
what you need them.

516
00:20:44,360 --> 00:20:46,240
And then go to the attorney every three

517
00:20:46,240 --> 00:20:48,260
or so years and make sure it's updated

518
00:20:48,260 --> 00:20:48,940
legally.

519
00:20:49,720 --> 00:20:49,820
Yeah.

520
00:20:50,040 --> 00:20:51,220
Things change every year.

521
00:20:51,300 --> 00:20:52,440
And so if you do this every year,

522
00:20:52,460 --> 00:20:53,580
if you look at the list of what

523
00:20:53,580 --> 00:20:55,300
are my bills, what are my assets, what

524
00:20:55,300 --> 00:20:56,880
are my liabilities, all the things that you

525
00:20:56,880 --> 00:20:59,820
listed and look at your healthcare with your,

526
00:20:59,980 --> 00:21:01,720
with your spouse, if you have a spouse

527
00:21:01,720 --> 00:21:03,520
do this at least once a year, it's

528
00:21:03,520 --> 00:21:05,960
a process that will won't take long, but

529
00:21:05,960 --> 00:21:07,800
you can make sure it's updated and everybody

530
00:21:07,800 --> 00:21:08,680
understands.

531
00:21:09,120 --> 00:21:12,020
I know Keith is doing a maintenance plan

532
00:21:12,020 --> 00:21:14,080
more and more of these days so that

533
00:21:14,080 --> 00:21:16,480
people can update it as frequently as is

534
00:21:16,480 --> 00:21:18,620
needed, you know, not just every so often.

535
00:21:18,960 --> 00:21:20,260
Russ, you look like you had something to

536
00:21:20,260 --> 00:21:20,580
add.

537
00:21:20,820 --> 00:21:20,920
Yeah.

538
00:21:20,920 --> 00:21:22,320
I was going to say like, it's kind

539
00:21:22,320 --> 00:21:24,220
of to that point of, you know, reviewing

540
00:21:24,220 --> 00:21:27,040
it, uh, reviewing your estate plan together with

541
00:21:27,040 --> 00:21:30,000
your spouse or other family member, whoever it

542
00:21:30,000 --> 00:21:30,380
may be.

543
00:21:30,520 --> 00:21:33,040
I think it's really important to not just

544
00:21:33,040 --> 00:21:35,040
write all this stuff out like you're talking

545
00:21:35,040 --> 00:21:37,960
about Jeff, but have an active engaged conversation

546
00:21:37,960 --> 00:21:39,500
with the person who might not be as

547
00:21:39,500 --> 00:21:41,560
involved, whether it be the repairs in the

548
00:21:41,560 --> 00:21:42,480
house or the finances.

549
00:21:43,200 --> 00:21:45,540
Um, don't just leave it until you're gone.

550
00:21:45,780 --> 00:21:48,100
Like have that conversation ongoing where you're like,

551
00:21:48,160 --> 00:21:50,020
it doesn't have to be every day, but

552
00:21:50,020 --> 00:21:52,140
to just kind of get, you know, everyone

553
00:21:52,140 --> 00:21:53,780
on the same page, what we're, what we're

554
00:21:53,780 --> 00:21:55,460
talking about here so that when they're looking

555
00:21:55,460 --> 00:21:58,360
at the form, God forbid something would happen.

556
00:21:58,760 --> 00:22:00,500
It's not like, Oh wait, I wonder what

557
00:22:00,500 --> 00:22:01,840
this has to do with.

558
00:22:01,900 --> 00:22:03,600
It made sense to the person writing it,

559
00:22:03,640 --> 00:22:04,800
but not so much as the person reading

560
00:22:04,800 --> 00:22:05,060
it.

561
00:22:05,360 --> 00:22:06,420
Uh, that's another thing.

562
00:22:06,820 --> 00:22:08,760
And this applies the list we were talking

563
00:22:08,760 --> 00:22:13,600
about before about bills or important people to

564
00:22:13,600 --> 00:22:13,960
contact.

565
00:22:14,180 --> 00:22:15,960
This is, I think that list is also

566
00:22:15,960 --> 00:22:19,840
appropriate for your executor and your successor trustee.

567
00:22:19,960 --> 00:22:21,680
I mean, not just your spouse cause it,

568
00:22:22,120 --> 00:22:24,200
God forbid, but something could happen to both

569
00:22:24,200 --> 00:22:25,920
of you in this scenario at the same

570
00:22:25,920 --> 00:22:26,400
time.

571
00:22:26,680 --> 00:22:28,940
And you have these backup individuals in your

572
00:22:28,940 --> 00:22:31,820
documents, but if they know nothing about your

573
00:22:31,820 --> 00:22:34,660
financial world and you've asked them to be

574
00:22:34,660 --> 00:22:38,560
a successor trustee or, you know, alternate executor,

575
00:22:38,760 --> 00:22:41,020
that's a big burden on them.

576
00:22:41,120 --> 00:22:43,880
Just starting with, okay, I have this job

577
00:22:43,880 --> 00:22:44,380
to do.

578
00:22:45,100 --> 00:22:46,820
I know nothing about them.

579
00:22:46,940 --> 00:22:48,800
So at least provide them the list to

580
00:22:48,800 --> 00:22:52,900
call this lawyer, this, this financial advisor, this

581
00:22:52,900 --> 00:22:56,320
CPA, and you know, just those three insurance

582
00:22:56,320 --> 00:22:59,920
agent, maybe those individuals will be able to

583
00:22:59,920 --> 00:23:04,360
help your successor, trustee, executor, at least start

584
00:23:04,360 --> 00:23:07,880
the process of fulfilling the duties that you've

585
00:23:07,880 --> 00:23:08,660
asked them to do.

586
00:23:10,180 --> 00:23:10,660
Yeah.

587
00:23:10,720 --> 00:23:11,280
Good points.

588
00:23:11,500 --> 00:23:13,240
Um, this all came up cause I, I

589
00:23:13,240 --> 00:23:17,360
saw a colleague, um, of mine, uh, was

590
00:23:17,360 --> 00:23:22,040
promoting for his clientele, um, a binder with

591
00:23:22,040 --> 00:23:23,320
a lot of these kinds of things.

592
00:23:23,320 --> 00:23:24,520
I was like, that's a great idea.

593
00:23:24,660 --> 00:23:26,920
I really want to make sure we talk

594
00:23:26,920 --> 00:23:29,440
about some of these things and perhaps, uh,

595
00:23:29,440 --> 00:23:31,380
piggyback on that kind of a good idea.

596
00:23:32,120 --> 00:23:34,060
You guys have made some great points.

597
00:23:34,240 --> 00:23:37,220
One of the things that, um, we had

598
00:23:37,220 --> 00:23:39,380
in the office this week was someone who

599
00:23:39,380 --> 00:23:41,320
said they did their prepaid funeral.

600
00:23:42,680 --> 00:23:45,320
And, um, that might be something to make

601
00:23:45,320 --> 00:23:47,260
note of some of those details.

602
00:23:47,940 --> 00:23:51,360
If, um, your kids don't know that there

603
00:23:51,360 --> 00:23:56,240
has been plans made, um, you know, that

604
00:23:56,240 --> 00:23:59,640
could be a lost, uh, opportunity, you know,

605
00:23:59,740 --> 00:24:01,180
to definitely see that happening.

606
00:24:01,460 --> 00:24:01,980
You passed away.

607
00:24:02,080 --> 00:24:02,920
You didn't tell anybody.

608
00:24:02,920 --> 00:24:06,700
I mean, the reading of the estate plan

609
00:24:06,700 --> 00:24:09,600
or even a letter, it's too late.

610
00:24:09,660 --> 00:24:12,620
They've already, they've already sent you married.

611
00:24:12,700 --> 00:24:12,980
Yeah.

612
00:24:13,140 --> 00:24:13,400
Yeah.

613
00:24:13,520 --> 00:24:14,020
Literally.

614
00:24:14,240 --> 00:24:14,420
Right.

615
00:24:14,640 --> 00:24:15,520
Yeah, exactly.

616
00:24:15,680 --> 00:24:17,740
And you find that somebody paid $15,000

617
00:24:17,740 --> 00:24:19,780
for this service at the funeral home next

618
00:24:19,780 --> 00:24:20,060
door.

619
00:24:21,080 --> 00:24:21,180
Right.

620
00:24:21,380 --> 00:24:21,540
Yeah.

621
00:24:21,700 --> 00:24:23,700
And in that instance, you know, we were

622
00:24:23,700 --> 00:24:26,120
talking about like, there was a whole process.

623
00:24:26,320 --> 00:24:28,060
They, they went to the funeral home.

624
00:24:28,200 --> 00:24:31,960
They, they picked out the casket and did

625
00:24:31,960 --> 00:24:32,980
all the particulars.

626
00:24:33,380 --> 00:24:35,440
And if they pass and no one knew,

627
00:24:35,800 --> 00:24:36,900
then you might not even go to the

628
00:24:36,900 --> 00:24:41,660
right place or exactly what they had in

629
00:24:41,660 --> 00:24:43,640
mind or have the service that they wanted.

630
00:24:43,860 --> 00:24:43,960
Right.

631
00:24:43,980 --> 00:24:44,240
Yeah.

632
00:24:44,300 --> 00:24:45,020
And that's another thing.

633
00:24:45,140 --> 00:24:47,660
I know my mom is always like taking

634
00:24:47,660 --> 00:24:49,460
notes from, uh, Oh, that was a really

635
00:24:49,460 --> 00:24:50,260
nice song for.