Here’s an example:
We recently had a client reach out to us to let us know his wife’s health was declining quickly and she was moved to hospice. We immediately had a meeting with him to discuss anything that needed to be completed. At times like these, we pride ourselves on bringing a voice of reason and logic along with the necessary compassion and empathy.
This client’s wife had a checking account which was titled solely in her name only, and it did not have a “Payable on Death (POD)” designation. Due to the size of the account, it would have gone through Probate when she passed away without the POD designation. The account would then have been declared to all pass to her husband, but only after a lengthy and costly court process. The client then noted that he had the Power of Attorney documents in force at that bank and was able to act on his wife’s behalf to pay the bills out of that account which he had been doing. We then encouraged the client to instead write a very large check to virtually empty this account into one of their jointly owned checking accounts.
This creative method saved the client a substantial amount of fees and hassle. Losing a loved one is an incredibly painful and emotionally draining process, at times such as those, we want to be there to guide and support however we are able. We are always here to help.