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The experienced and certified cross-border financial planning advisors at Cardinal Point Wealth Management recently published a strong advisory to anyone in the process of creating and instituting estate plans. Unless those plans are proactively and clearly communicated with the specific people who need to know them, they may not be followed and implemented. That includes such crucial planning around finances and healthcare, as well as Power of Attorney legal documents. 

Many people invest a considerable amount of time, effort, and finances in crafting specific estate plans that outline their objectives for healthcare and finances in case of an accident or illness. These strategies include wishes during and after life, which ensures tax-efficient income pre and post-retirement and provides for dependents like spouses and children. Estate planning ensures effective and smooth transfer of wealth and assets to heirs, according to one’s wishes. Regrettably, individuals who engage in thoughtful planning unintentionally tend to neglect communication of their plans to those responsible for their execution, potentially undermining the process or resulting in unclear plans being followed incorrectly. 

To prevent such outcomes, the cross-border estate planning advisors at Cardinal Point Wealth Management highly recommend creating an effective and reliable communication plan. The plan should include direct and clear written communication to key individuals, including the person designated as the executor of the estate, persons given the responsibility of healthcare and financial power of attorney, and anyone selected to oversee the disbursement of wealth and other assets. A Power of Attorney for Property enables a designated third party to handle an individual’s personal financial affairs, including bill payment and asset and investment management. Similarly, a Healthcare Power of Attorney allows a trusted third party to make healthcare decisions on one’s behalf in the event of incapacitation, rendering one incapable of making such decisions themselves. 

 Powers of Attorney and Wills, which are the most common estate planning documents, should be drafted within one’s jurisdiction of legal residence. Equally important is to notify appointed individuals, such as executors and Power of Attorney, of their responsibilities. Ensure that they understand the request and are willing and able to accept the crucial responsibility. Cardinal Point Wealth Management and other estate planning experts often provide sample letters to assist in this regard. These letters clearly outline the responsibilities and provide basic information about how to carry them out if necessary.

It is important to keep in mind that even spouses may not have the legal authority to assume such responsibilities automatically, unless authorized specifically within the appropriate legal documents. Such documents must be reviewed by accountants, attorneys, and financial and tax advisors at least once every five years, or whenever significant material changes occur in life. This type of planning and communication can help guarantee that one’s wishes are followed, providing an invaluable part of estate planning that delivers greater security and peace of mind.

About Cardinal Point Wealth Management 

Cardinal Point Wealth Management is a cross-border wealth management firm that specializes in helping Americans living in Canada and Canadians living in the United States navigate the complexities of cross-border taxation, financial planning, and investment management. With offices in Toronto, Calgary, Palm Beach, Phoenix and Orange County, Cardinal Point Wealth Management provides comprehensive financial planning and investment management services to clients on both sides of the border. 

Media Contact
Company Name: Cardinal Point Wealth Management
Contact Person: Kris Rossignoli
Email: Send Email
Phone: 866-213-2036
Address:2255 Glades Road, Suite 324A
City: Boca Raton
State: FL 33431
Country: United States
Website: https://cardinalpointwealth.com