Planning for the UnexpectedJohn Kazary, Esq., CTFA, Vice President and Senior Financial Advisor, Univest Bank and Trust Co.
Sometimes you have to expect the unexpected. Although you expect and hope that you will never need anyone's assistance in managing your affairs, an accident or unanticipated illness can quickly turn your life upside down. Suddenly you need to rely on someone else's help. The time to plan for such contingencies is now, while you are healthy and have time to think through what is best for you and your family.
First, you need to decide who will be able to act on your behalf should your ability to handle your finances become diminished. Some people choose a son or daughter and hope that they are up to the task. Others choose a bank trust department and rely on their judgment, training, impartiality and experience to professionally manage their finances.
Next, you need to choose between a general power of attorney and a revocable living trust or decide to use some combination of the two. Both of these methods allow you to maintain as much autonomy as you want. The level of help can be adjusted as needed.
A general power of attorney is a document that gives someone the authority to act on your behalf for as long as you live should you be unable to do so. A revocable living trust is a formal agreement by which you instruct a trustee how to manage trust assets, even after death. A talk with a Univest financial advisor can help guide you in deciding which is right for you.
It is never too early or too late to start planning. A free, no-obligation conversation with one of our senior financial advisors is a good first step. Contact us at 215-799-2959 or via email at firstname.lastname@example.org and give us the opportunity to get to know you and explore the best ways to secure your family's future.
Univest Bank and Trust Co. is Member FDIC.