Keep the conversation goingAfter your financial advocate has agreed to help you in the future, here’s what you’ll want to share in follow-up conversations.
It’s okay if you aren’t ready to be super specific about how much money you have or how much you owe. Those details can come later. Here’s what you’ll want to share:
- Where your financial inventory is stored.
- How to access it.
- Special requests for how you want your money to be used.
Don’t forget to talk about your values
When sharing information about accounts and insurance policies, it’s easy to forget to discuss what matters to you when it comes to making decisions about how your money is used. Your advocate will be better prepared to make hard financial choices on your behalf if they know how you'd make those choices yourself. To figure out what matters to you, try answering these hypothetical questions about a time in the future when your advocate has stepped in. You can discuss your answers with them during your next conversation.
If you anticipate there will be disagreements about how you want your money to be used, such as donating to charity or supporting a particular family member (or not), write those wishes down in addition to sharing them out loud. This is a good time to include others in the conversation who may be affected by these decisions.
Communicate your preferences and plans with the right people
Open conversations minimize the chance of future disagreements about how you want your money managed and by whom. If there are several people in your life who may expect to be involved, consider inviting them all together to hear what’s important to you. However, there may be family members that you decide not to include in these conversations, and that’s fine too.
Remember that you do not want to share all your financial details with people who are not your financial advocates, but you still want them to know your overall wishes and needs.
Being a financial advocate can be a big task or a simple task depending on the complexity of your money and your future needs. This document will help you learn more about the many roles and responsibilities of financial advocates and consider what help you might need down the road.