“It Takes a Village” is a historical proverb that reminds us that we are stronger when we combine our strengths than when we attempt to do everything ourselves. My strength is organizing things! I started BRPS to help others organize their financial and legal lives.
Starting BRPS Consulting and successfully running it has also taken a village. As such, I want to thank everyone who has provided feedback throughout this process. I hope you continue to give me constructive feedback to continue to improve my business.
One piece of feedback I continually receive is that my potential clients do not understand how BRPS’ services apply to them, and they cannot visualize the relevance. I hope to resolve this issue using actual case studies.
For the next several weeks, I will highlight a BRPS service with a case study. This week, we will focus on the BRPS service of Assisting with Document Location and Organization.
Document Location and Organization
Jane and Joe
Jane and Joe are 75 years old and have been together since high school, marrying just after Joe came home from the Vietnam war. As a homemaker, Jane was responsible for the home and the couple’s three children, while Joe worked. Their children and grandchildren are the most important things in their lives. They do not have any pets. Joe retired at 63 converting his 401(K) into a joint annuity. Joe took out universal life insurance policies on himself and his wife in the 1980s.
BRPS’ can assist Jane and Joe with obtaining/locating and organizing their important documents. To do this BRPS would meet with Jane and Joe in a public location or at their home, whichever Jane and Joe are more comfortable with. Together we would fill out the “What You Need to Organize” checklist, along with BRPS’ client information packet. Filling this form out together would highlight the following:
Estate Planning Documents
- Jane and Joe had executed, up-to-date wills, living wills, and health care proxies.
- Neither had a durable power of attorney (POA).
- BRPS recommends the couple obtain a POA for each other and a POA for both. BRPS can facilitate obtaining the forms, filling them out, and getting them notarized.
- The couple has determined their funeral arrangement wishes but did not write them down. Plots have been purchased, however they have not prepaid for the services yet.
- BRPS recommends writing down funeral instructions and ensuring that the executor understands the couple’s wishes. BRPS also recommends prepaying for the funeral services.
Insurance
- The couple had a multitude of life insurance policies filed in their important document filing cabinet, some converted, some expired, some in force. There was no contact information included for any of the policies.
- BRPS recommends ensuring each in-force policy is in good standing and shredding those policies no longer in force. In addition, to facilitating the executor’s job, BRPS recommends labeling the in-force policies clearly. A thorough review of each policy, also ensures the beneficiaries are consistent with the client’s wishes.
- As a separate service, BRPS could review the insurance policies to determine if they are reasonably appropriate for Jane and Joe. BRPS holds a C1 license with NYS allowing it to perform this review and subsequent recommendations
- Property and auto insurance policies were up to date and the insurance agent’s contact information was readily available.
- As a separate service, BRPS could review the coverages and determine if they are reasonably appropriate for Jane and Joe. BRPS holds a C3 license with NYS allowing it to perform this review and subsequent recommendations.
- Health insurance, including contact information was readily available.
- As a separate service, BRPS could review the coverages and determine if they are reasonably appropriate for Jane and Joe, based on their current health and prescription medications. BRPS holds a C1 license with NYS allowing it to perform this review and subsequent recommendations.
Financial Accounts
- The couple maintains a checking account, savings account, and investment account. The hard copy statements are filed with the monthly bills and are easily accessible. Each statement clearly identifies the respective contact information.
- As a separate service, BRPS will review the bank accounts to ensure the client is earning a reasonable amount of interest, that balances in checking/savings are appropriate, and explore opportunities to reduce fees charged by the bank or increase earnings from the balances held.
- In addition, BRPS could review the investment account to ensure that the investments held are reasonable for the client’s age and financial position. BRPS cannot give specific investment advice but can assist with any conversations with the client’s current investment advisor.
- Finally, as part of BRPS’ estate planning services, BRPS would discuss the client’s wishes for the cash held in the bank and determine whether it made sense to include the executor as an owner of the accounts and ensure the beneficiaries of the investment account are in line with the client’s wishes.
Other Important Documents
- Taxes were up to date and the tax preparer’s contact information was readily available.
- The client was able to locate their marriage certificate, birth certificates, and social security cards, however, they were not stored in a fireproof location.
- BRPS recommends purchasing a small fireproof box to hold important documents in.
- It was difficult to locate the titles/deeds for owned assets.
- BRPS recommends finding and properly storing all titles/deeds in the above-mentioned fireproof box.
- As a veteran, Joe may be eligible for veteran benefits.
- BRPS recommends finding and properly storying all military information in the above-mentioned fireproof box.
- As a separate service, BRPS could facilitate Joe in researching his eligibility for veteran benefits and assist with filing the myriad of paperwork required if eligible.
- Usernames and passwords were not in a form that could easily be interpreted by Jane for Joe, by Joe for Jane, and by anyone for both.
- There are several solutions for organizing passwords, unfortunately, none of them are foolproof. BRPS consulting would review the options with the client and assist the client in organizing them in the manner they choose.
Every client’s circumstance will be different, but BRPS is confident that it can help all clients get their financial and legal lives in order. Not the service you are looking for, check out all services offered by BRPS Consulting here.
Let’s find out how BRPS can help you!