Preparing for Summer
Summer is right around the corner. Schools are getting out and people are preparing to pack their bags and head out of town. Besides reminding you to pack your sunscreen, we’d like to provide you with a few best practices to help ensure your financial matters are in order prior to your vacation as well.
In our technology driven lives, fraud attempts have become more prevalent. We treat your security very seriously, so we do take several precautionary measures – some of which may be more difficult than others while away from home. Because of this, we recommend a few things prior to hitting the road:
- If you are traveling somewhere out of the ordinary, especially somewhere out of the country, please let us know ahead of time.
- If we are aware of your travel plans ahead of times, it can be helpful in determining whether activity in your account is suspicious or unexpected.
- If you are traveling somewhere with limited phone service and there’s a possibility that you’ll need or want additional funds while on vacation, it’s better to do so in advance of your going out of town.
- We DO NOT accept requests for money via email and DO require a verbal conversation, so if you are expecting limited phone access, we recommend preparing accordingly.
- Some transactions may require additional paperwork.
- If you utilize an alternate address for the summer, please let us know as soon as possible so we can have the address updated.
- PO Boxes require an additional layer of verbal confirmation so please make sure you will be available for a phone call.
- If you are expecting to be gone for a longer period of time and would like someone to make decisions for your accounts in the interim, please contact our office to determine how we can help you establish the person on your account.
If you add these things to your pre-vacation checklist, you’ll be well on your way to a smooth and relaxing time away. Of course, if there is anything that we didn’t address above that you have questions or concerns about, please give our office a call and we’ll be happy to make sure you are prepared how you need to be.
IRA Beneficiaries and Trusted Contacts
In the spirit of preparedness, we’d also like to discuss IRA beneficiaries and trusted contacts.
Establishing or updating your IRA beneficiaries is very important to the estate planning process. Whether you weren’t sure who to add when opening your account or you have held an IRA for many years and now have out of date beneficiary information, having good beneficiaries on file will ensure that your assets end up where you intended.
Your monthly statements for your IRAs should detail your beneficiary information. We strongly suggest that all of our clients review who has been named, and contact us to update your beneficiaries if needed.
Lastly, we would like to remind our clients that they can establish trusted contacts for their accounts. A trusted contact is different from a Power of Attorney and is not someone who can make decisions on your account on your behalf. A trusted contact may be contacted by our office in the event that we have been unsuccessful in reaching you. We’d like to emphasize that they are not able to make any decisions on the accounts for you, but they would be able to inform us of how to get a hold of you, or let you know that our office has been attempting to make contact.
Having a trusted contact is not a requirement, but we believe that having one can be helpful. Please contact our office if you would like to add a trusted contact to your accounts.