Planning for the future is more important than ever. At our Proactive Aging Series workshop this spring, Randy King and Josh Searcy of Independence Bank highlighted the importance of having proper plans and documents in place—including investments, powers of attorney, advanced directives, and other estate planning tools—to ensure a family’s wishes are honored.
Josh Searcy, Head of Trust at Independence Bank, oversees Trust and Investment operations in 12 counties, guiding families through the complexities of estate planning, trusts, and wealth transfer. Randy King, Financial Advisor with Independence Financial Services since 2010, discussed common risk factors that can derail retirement plans for older adults, such as scams / fraud, rising healthcare costs, and market fluctuations.
They offered these practical recommendations:
- Add a trusted contact to bank accounts to help protect older adults from scams and fraud
- Review beneficiaries and investment risk levels annually, or after life changes such as marriage, death, divorce, or change of income
- Create a one-page document listing all investments, assets, and insurance policies, and provide it to your Power of Attorney or store it in a safe deposit box for easy access
- Ensure that power of attorney documents are durable to ensure that someone you trust can handle financial matters if you are incapacitated or unable to make your own decisions
Their message is clear: planning brings peace of mind and ensures your legacy is protected. For trusted advice, reach out to the team at Independence Bank today.
Visit 1776bank.com or call (270) 686-1776