What documents are important to update?

A 60-second read by the Baron Team: There are documents that need to be reviewed periodically to ensure they are up-to-date.  Please review your designated beneficiaries and trusted contacts to make sure they are still the best contact, or to see if their contact information has changed.  Please let us know if you need to update any documents with new names and/or contact information. Please note that any legal documents need to be updated by an attorney.  

Documents to be reviewed can include:

• Beneficiaries on Estate Plans
• Powers of Attorney and Living Wills 
• Beneficiaries on Life Insurance Policies
• Beneficiaries on all available accounts 
• Beneficiaries on IRAs and 401(k)s
• Digital Estate Plans
• Trusted Contact Forms – see below for more information

In addition, it is always important to update your financial advisor with changes to your personal contact information. For our clients, we have created a current contact information form for your convenience. You can click on the picture to download an editable copy for you to complete and email back to us. Please note this form is only needed if there are changes to the personal contact information we have for you on file and not to update beneficiaries or trusted contacts. Please let us know if you have any questions.

What is the Importance of a “Trusted Contact”?

There can be a need to have an additional person, like a trusted family member or friend, we can contact to ensure the well-being of a client.  For example, you are on a vacation and cannot be reached. Or, as we age, we may start to notice that a person’s mindfulness and mental capacity diminishes. In those instances, who can you trust to be contacted on your behalf, if necessary? For many it might be an adult child or a spouse, but for others it might be a friend or other family member. As advisors, we like to know in advance who that “Trusted Contact” is. It adds another important layer of protection for you.

Once you designate a “Trusted Contact”, it allows your advisor to reach out to that person if you, the account holder, exhibit some of the signs or red flags of diminished mental capacity or if the advisor suspects that you are a victim of possible financial fraud. Some older or impaired clients are susceptible to financial abuse, even from their own children.  That is why it is important to name two or three “Trusted Contacts” at the time the account is being opened. If you have had your account in place for a while, contact your advisor or custodian to designate a “Trusted Contact”. "Trusted Contacts" will not be able to view your account information, execute transactions, or inquire about account activity.  Only you as the account holder have the ability to add, update, or remove trusted contacts for your accounts.

 Please reach out to your Baron Team to update the contact information we have on file and/or to discuss designating “Trusted Contacts”.

Disclosure: This is a general communication being provided for informational purposes only. This material is not intended to be relied upon as a forecast, research, legal, tax or investment advice. Please consult with a qualified tax or legal professional for personal advice.