We all have significant “life events” that occur, but sometimes fail to take action to protect ourselves and our loved ones at those critical times. Financial Advisor Jeffrey W. Geralds of Mutual of Omaha Investor Services, Inc. reminds us of what those key life events might include:
- Dissolution of a marriage (divorce)
- Death of a spouse
- Disability of a spouse or child
- A substantial change in estate size
- A move to another state
- Death of executor, trustee or guardian
- Birth or adoption
- Serious illness of a family member
- Change in business interest
- Change in health
- Change in insurability for life insurance
- Acquisition of property in another state
- Changes in tax, property or probate and trust law
- A change in beneficiary attitudes
- Financial responsibility of a child
Jeff notes that ”all too often people put away their legal documents after they are signed, and don’t think to look at them again until someone dies or a conflict arises. I advise my clients to periodically review and update their legal documents. How often they review and update them depends on the document, and which circumstances have changed.”
Annual reviews with your CPA, Attorney, and Financial Advisor are recommended to make sure you aren’t failing to update your Estate Plan and legal documents, including your insurance contracts, Powers of Attorney, or Will and Trust. For some clients, it is advisable to meet with their financial advisors quarterly, while others can meet annually to review their portfolios with their financial advisor to ensure it is in line with their overall objectives.
”The key thing to remember is that a change in circumstance is the trigger that should alert you to talk with your advisors. Then you can decide together if any changes need to be made in your plan or contracts.”
Jeffrey W. Geralds has been a financial services professional since 2008. He has a BA in Economics from Wayne State University, and has received commendation from the Michigan Governor and the State Legislature in 1986, 1992, 2005, 2006 and 2013 for his community service activities. Jeff has also received honors and awards from the Michigan Junior Chamber of Commerce, Michigan Association of School Boards, Wayne State University and the Boy Scouts of America. He actively supports his community and is currently involved in the Lions Club, Rotary, Scouting, and the Birmingham Bloomfield Chamber of Commerce. Jeff and his family are long-time residents of Oakland County.
Securities offered through Mutual of Omaha Investor Services, Inc. a Registered Broker/Dealer. Member FINRA (www.finra.org ) / SIPC (www.sipc.org). Advisory services offered through Mutual of Omaha Investor Services, Inc., a SEC Registered Investment Advisory Firm. Jeffrey W. Geralds is insurance licensed in MI and advisory licensed in MI and AL; and works from the FINRA registered branch address at 3155 W. Big Beaver Road, Suite 201, Troy, MI 48084. Mutual of Omaha Investor Services and Your Legal Resource, PLLC are not affiliated.
Lori T. Williams is a 23 year attorney based in Birmingham, MI. She owns a legal referral and legal consulting business called Your Legal Resource, PLLC. She assists individuals and small businesses in need of legal advice or representation by connecting them with the right legal specialist for their situation. She also provides consulting services for attorneys and other professional service providers on how to generate more business through effective branding, marketing, networking, and by creating strategic partnerships. For more information, visit www.bestlegalresource.com.