Financial Plans Should Account for Potential Major Mental Health Issues

Typically, my posts will consist of a company analysis, whether I view the company as a worthwhile investment, and what I deem to be a reasonable valuation. The purpose of today’s post, however, is entirely different. What I hope to impart in this post is:

  • the importance of being debt free
  • the reason dividend income should be a very important component of any financial planning strategy
  • that Powers of Attorney over Health and Wealth can sometimes not be worth the paper they are written on
  • the need to craft Wills that take into consideration future potential mental health issues
  • the ongoing administration of assets

In essence, every proper financial plan should have a contingency plan in the event one or more family member were to experience major mental health issues.

Continue reading “Financial Plans Should Account for Potential Major Mental Health Issues”

Ensure You Have Current Powers of Attorney and a Will

In a recent conversation with a financial advisor we discussed the importance of having current Powers of Attorney and a Will at all stages of your adult life.

I mentioned I know several people who have disclosed to me that they have no:

• Power of Attorney for Personal Care
• Power of Attorney for Property
• Wills Continue reading “Ensure You Have Current Powers of Attorney and a Will”