Understanding Your Personal Finances… Rachel’s Story
Unfortunately, none of us know when our expiry date will surface and too many people have passed away unexpectedly this year already. Did you know that 56% of Canadian Adults do not have a signed Will? And 90% of Canadians are dangerously under insured! We believe that understanding all your personal finances is imperative.
Even though you may have a Will and Powers of Attorney in place, if you do not have any idea of what financial assets you and your spouse have, you may be missing out on tens or hundreds of thousands of dollars. That’s why we make sure all our clients have a solid foundation when we build their Financial House. We educate our clients so that they understand exactly what they have, why they have it and why they need to have it.
Watch Rachel’s emotional story here:
As you saw, Rachel knew nothing about their personal finances, even though her husband had a Will, Powers of Attorney and a Financial Advisor. Her husband had moved most of their financial portfolio from one Financial Advisor to another, when he suddenly died of a rare disease.
Rachel’s experience was devastating. Since her husband had taken care of all their financial affairs, she had no idea what to do and where to start. She was trying to understand what they had and was reaching out to their Financial Advisors. One Financial Advisor would not return her calls and the other Financial Advisor was pressuring her to sign documents that she truly did not understand. She was overwhelmed and very uncomfortable and that’s when she was referred to Joanna of the Blackmore Levy Group.
Joanna sat down with Rachel and explained the whole process to her, so that she knew and understood exactly what the next steps were. Joanna helped Rachel find and gather all the documents that she would need and made a list of the documents that were missing, so that together, they could call the financial institutions for the missing documents.
Rachel saw a lawyer, who confirmed that the Will was legal and binding and that she was the Executor.
Rachel’s husband had a rare disease and she believed that he did not qualify for Life Insurance. However, Rachel was shocked when Joanna found out that he did in fact have a Group Life Insurance Policy through his benefit plan at work, it took numerous calls to clarify his Group Life Insurance situation. Luckily Rachel was the named beneficiary on this policy and all of his other financial accounts.
If you have a life partner, one of the first things that we recommend is to treat your personal finances as a partnership. In many relationships this is not always the case, as we usually find that one spouse takes care of the day-to-day finances and the other spouse takes care of the Insurance, Investments and other assets.
If God forbid, something unexpected was to happen and your partner was to pass away, not only would this be a devastating time but would YOU understand how to manage your family’s finances and estate?
Joanna guided Rachel through all the paperwork and our check lists. They made phone calls together so that Rachel could advise all the Financial Institutions and anyone else necessary, of her husband’s passing. Rachel was surprised to learn of all the assets that she didn’t even know existed.
At the Blackmore Levy Group, we go the extra mile. We take the time to sit down with you and make sure that you understand exactly what you have, as we talk to you in layman’s terms. We explain it, so you understand it. We guide you through the steps that you need to take to ensure that you receive everything you are entitled to.
As we don’t know when our expiration date will arrive, we want to make sure that you leave your loved ones financially prepared. If your personal finances are all in order, your family will be able to grieve in peace without any added financial burden.
Talk to your spouse and/or family about your estate plan so that they understand your wishes, as this will reduce some of the stress and challenges in managing your estate down the road.
End of life is not something that most people want to talk about, however, no matter what your age; it is an important discussion to have with your spouse and/or your family members.
At the Blackmore Levy Group, we love to educate people on their personal finances. We custom design and build or re-build your Financial House the right way. We provide our clients with a simple, easy to follow, customized blueprint of their Financial House. Once the blueprint is in place and the foundation laid, with care and attention, your Financial House will last a lifetime.
We would love to help you build your Financial House, so please reach out to us for a FREE, private and non-judgemental conversation at contact us or call us at 1.888.520.6520.
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