Complete Guide to Durable Financial Powers of Attorney
A durable financial power of attorney is a legal document that names someone to manage your financial affairs if you become unable to do so. In Fall Branch and throughout Tennessee, having a clear and properly drafted durable power can prevent delays, confusion, and costly court proceedings. This document can cover paying bills, managing accounts, filing taxes, and making investment decisions on your behalf. Taking steps now to appoint a trusted agent helps protect your assets and ensures continuity in financial matters. Our firm provides practical guidance to help you select the right powers and limits so your wishes are honored while minimizing disputes and administrative burdens.
Creating a durable financial power of attorney involves decisions about scope, timing, and safeguards. You can grant broad authority for most financial transactions, or restrict powers to specific tasks such as managing real estate, handling retirement accounts, or overseeing business interests. This document can be effective immediately or spring into effect only under certain conditions you define. Properly chosen language and state-compliant formatting are essential to make sure banks and institutions accept the document when needed. We help clients in Fall Branch tailor durable powers to their unique situations, balancing flexibility with protections against misuse while keeping the document practical and legally effective.
Why a Durable Financial Power of Attorney Matters
A durable financial power of attorney serves as a key component of a sound estate plan by designating someone you trust to manage financial matters if you cannot. Without this document, loved ones may face delays or have to seek court intervention to obtain authority to act, which can be time-consuming and costly. A well-drafted durable power provides continuity for bill payment, account management, and other financial responsibilities, helping preserve credit and maintain business operations. It also allows you to set limits and include instructions on how decisions should be made, giving peace of mind that financial affairs will be handled according to your priorities and values.
How Our Firm Assists with Durable Powers of Attorney
At Jay Johnson Law Firm in Hendersonville and serving Fall Branch, we focus on clear, practical documents that banks and agencies accept when people need them most. Our approach combines careful drafting with thorough client conversations to understand your financial structure and family dynamics. We guide you through selecting an agent, determining when the power becomes effective, and adding necessary safeguards like successor agents or transaction reporting requirements. The goal is to create a durable financial power that is reliable, legally sound in Tennessee, and tailored to your circumstances so appointed agents can step in with confidence when that time comes.
Understanding Durable Financial Powers of Attorney in Tennessee
A durable financial power of attorney is governed by state law and must clearly express your intent that it remain effective even if you lose capacity. The document should name a primary agent and usually a successor to act if the primary is unavailable. It can include broad authority over banking, investments, real estate, business interests, and tax matters, or it can be narrowly limited. Choosing the right provisions requires considering likely future events, the types of assets you hold, and institutions that may request specific language or notarization. A carefully drafted durable power anticipates common institutional requirements and minimizes barriers to its acceptance.
Beyond naming an agent, many clients decide whether to include conditions, such as making the power effective only after a physician certifies incapacity. While a springing power can offer an extra control layer, it can also create delays when immediate action is necessary. Other considerations include requiring periodic accountings, limiting certain transactions, or including instructions about how agents should manage investments or business operations. We help fall branch residents weigh the tradeoffs between flexibility and control and ensure the final document aligns with Tennessee law and the practical needs of financial institutions and family members.
What a Durable Financial Power of Attorney Is
A durable financial power of attorney is a written document that grants another person authority to manage your finances and continues to do so if you become incapacitated. Unlike a general power that terminates on incapacity, the durable form includes language that preserves the agent’s authority when you lack decision-making ability. The instrument can be broad in scope or limited to specific transactions, and it can include successor agents and oversight mechanisms. It is an essential part of comprehensive planning because it avoids the need for court-appointed guardianship, enabling appointed agents to maintain financial stability for you and your family during difficult times.
Key Elements and Steps in Creating a Durable Power
Preparing a durable financial power involves identifying the agent and successors, deciding the scope of authority, and specifying whether the power is immediate or springing. Other practical steps include describing particular accounts or assets, addressing signing authority for retirement and brokerage accounts, and considering whether to include transactional safeguards. The document must comply with Tennessee execution requirements, typically including signature and notarization. After execution, it’s important to distribute copies to relevant institutions and trusted family members and to store the original in a secure place where the appointed agent can access it when needed.
Key Terms and Glossary for Durable Powers
Understanding common terms makes it easier to make informed decisions when drafting a durable power. Terms include agent, successor agent, principal, capacity, durable language, springing power, and revocation. Each term affects how authority will be exercised and under what conditions. Knowing these distinctions helps you craft a document that aligns with your goals, whether maintaining business continuity, protecting retirement assets, or ensuring routine bills and taxes are handled. Clear definitions reduce ambiguity and increase the likelihood that institutions will honor the document when it is presented on your behalf.
Agent
An agent is the person you appoint to act on your behalf under a durable financial power of attorney. The agent is authorized to manage financial matters as outlined in the document, which can include paying bills, managing accounts, buying or selling property, and filing taxes. Selection of an agent should consider trustworthiness, financial judgment, and availability. You may name a successor agent to act if the primary is unwilling or unable to serve. Agents have a fiduciary duty to carry out decisions in your best interest and according to any instructions you include in the document.
Durable Language
Durable language refers to wording in the financial power of attorney that ensures the agent’s authority continues even if you lose mental competency. Without this language, the agent’s authority would typically end upon incapacity. Durable phrasing explicitly states the intent that the power remains effective despite a later determination of incapacity. Using clear and legally acceptable durable language is essential so banks, brokers, and other institutions will accept the document when it needs to be used, avoiding delays or refusals that can cause financial harm to you or your household.
Principal
The principal is the person who creates the durable financial power of attorney and grants authority to an agent. As principal, you decide which powers to grant, name any successor agents, and include specific instructions or limitations. The principal must have the capacity to sign the document at the time of execution, and the document should reflect clear intent and signatures according to Tennessee law. The role of the principal includes reviewing the authority granted and keeping the document updated as life circumstances, relationships, or assets change.
Springing Power
A springing power becomes effective only upon the occurrence of a specified condition, often a medical determination of incapacity. While this can provide additional control to the principal, it may introduce delays or disputes about when the condition has occurred. Institutions may require formal proof before recognizing the authority, which can slow urgent transactions. Many find that making a durable power effective immediately and including safeguards like successor agents or periodic reporting provides greater reliability while still allowing the principal meaningful control over how the agent should act.
Comparing Options: Limited vs. Comprehensive Powers
Choosing between a limited power and a comprehensive durable power depends on your assets, family dynamics, and comfort with delegation of financial authority. Limited powers can restrict an agent’s actions to certain accounts or transactions, which can be appealing for those who want close control. Comprehensive powers grant broad authority across financial matters and may better support continuity, especially for complex households or business owners. Consider how quickly action may be needed, whether multiple institutions require the document, and whether successor agents are needed. We help clients evaluate which structure balances control with flexibility and ensures institutions accept the document when it is presented.
When a Limited Power May Be Appropriate:
Situations with Simple Financial Needs
A limited durable financial power can be suitable when your financial affairs are straightforward and you only need someone to handle a few specific tasks. Examples include granting authority to pay bills, manage a single bank account, or handle a particular real estate closing. This approach gives you control over the scope of authority and reduces the risk of unintended transactions. It is often used when family members want to minimize outside involvement or when the principal retains day-to-day control but needs a delegate for discrete circumstances or short-term absence.
Trust in Narrow, Defined Tasks
Limited durable powers help principals who trust an individual to perform specific duties but prefer to retain oversight for major financial decisions. They can be written to allow authority for tax filings, managing specific investment accounts, or handling a business transaction without opening full access to all assets. These tailored documents can reduce friction with institutions that prefer clear, defined authority while keeping most decisions under the principal’s control. When choosing a limited approach, clarity in the document’s language is vital to avoid disputes or refusal by third parties.
Reasons to Choose a Comprehensive Durable Power:
Complex Finances and Business Interests
Comprehensive durable powers are often the best option for individuals with diverse assets, active business interests, or multiple financial accounts. Broad authority ensures an appointed agent can respond quickly to manage payroll, negotiate contracts, transfer funds, and address urgent tax matters without navigating separate permissions for each institution. This reduces the risk of financial loss or business disruption in the event of incapacity. Ensuring the document is carefully drafted and includes checks like successor agents or reporting requirements helps balance authority with accountability.
Need for Seamless Continuity and Flexibility
A comprehensive durable power allows a trusted agent to act across a wide range of financial matters to maintain continuity in household finances and business operations. It eliminates the need to seek multiple permissions from courts or institutions during critical periods and can prevent missed payments, penalties, or damage to credit. For families concerned about smooth management if the principal becomes incapacitated, comprehensive powers paired with clear instructions and oversight provisions provide the flexibility necessary to address unforeseen situations while protecting the principal’s long-term interests.
Benefits of a Broad Durable Power of Attorney
A broad durable financial power streamlines decision-making by granting an appointed agent authority to manage accounts, investments, property transactions, and tax matters. This can be particularly valuable for those who own businesses or multiple properties because it enables timely financial actions without bureaucratic delay. A comprehensive document also prevents the expense and time required for court-appointed guardianship. When combined with clear instructions, successor agents, and reporting requirements, a broad durable power can achieve both operational flexibility and accountability to protect the principal’s financial well-being.
Comprehensive durable powers can be tailored with safeguards that help prevent misuse while preserving necessary authority. Provisions such as requiring periodic accounting, limiting certain large transactions without additional consents, or appointing co-agents for oversight can address concerns about improper conduct. Many institutions are more likely to accept a widely worded durable power when it is executed properly and supported by trusted documentation. This balance of authority and protection supports family stability by ensuring bills are paid, taxes filed, and investments managed during periods when the principal is unable to act.
Continuity and Financial Stability
A primary benefit of a comprehensive durable power is the ability to maintain continuity in financial affairs, which helps avoid missed payments, penalties, and interruptions in essential services. This continuity is especially important for households with mortgage obligations, retirement accounts that require timely decisions, or businesses that depend on regular financial oversight. By enabling a trusted agent to step in immediately, the document preserves credit standing and prevents avoidable losses. Drafting the power to align with how you manage finances ensures a seamless transition when third parties require proof of authority.
Reduced Need for Court Intervention
When a durable financial power is in place and accepted by institutions, family members can avoid the expense and delay of a court guardianship proceeding. Court involvement can be intrusive, public, and costly, and it may result in outcomes that are less aligned with the principal’s preferences. A valid durable power lets appointed agents manage affairs privately and efficiently, respecting the principal’s prior choices. Including clear authorizations and successor designations reduces the chance of disputes and helps institutions confidently accept the document when action is required.
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Practical Tips for Durable Financial Powers
Choose an Agent and a Successor
Selecting the right person to act as your agent and naming a successor are decisions that deserve careful thought. Look for someone who is trustworthy, organized, and able to handle financial responsibilities under pressure. Consider how geographically close they are and whether they have time to manage accounts or attend to business matters. Discuss your wishes in advance and provide written instructions so they understand your priorities. Naming a successor agent provides continuity if the primary cannot serve, and discussing expectations in advance helps prevent confusion and conflict when the time comes.
Clarify Scope and Include Instructions
Keep Copies Accessible and Update as Needed
Once your durable power is executed, provide copies to the appointed agent, successors, and any institutions likely to request proof of authority, such as banks or investment firms. Store the original in a secure but accessible place and review the document periodically to ensure it still reflects your wishes after major life events like marriage, divorce, or changes in assets. Updating the document when circumstances change prevents ambiguity and helps institutions accept the power when action is required. Regular review ensures the document remains aligned with your financial and family situation.
Why Residents of Fall Branch Should Consider a Durable Power
Neighbors in Fall Branch may face unexpected health events or periods of incapacity that interfere with managing financial responsibilities. A durable financial power of attorney ensures someone you trust can pay bills, maintain accounts, and continue managing business or rental properties without court intervention. This reduces stress for family members who would otherwise have to navigate complex procedures during a difficult time. Creating this document in advance gives you control over who will make financial decisions and how those decisions should be handled, providing stability and protection for you and your loved ones.
In addition to preventing delays and additional expense, a durable power allows for immediate, practical actions to protect assets and household needs. For example, ensuring mortgage payments are made, maintaining insurance coverage, and handling tax filings can prevent penalties and long-term consequences. It also helps preserve business continuity for those who own small businesses or manage rental properties in the area. Planning ahead reduces administrative burdens on family members and preserves financial order in times when the principal cannot manage these matters directly.
Common Situations When a Durable Power Is Needed
Typical circumstances include sudden illness, diminished mental capacity, extended hospitalization, or travel that makes it impractical to manage affairs personally. Business owners, property managers, and individuals with multiple accounts may need an appointed agent to avoid interruptions. Aging parents and caregivers often find these documents valuable to ensure continuity of management for bills and benefits. Establishing a durable power before a crisis arises prevents confusion and ensures that decisions can be made promptly, preserving financial interests and avoiding the burden of emergency legal processes.
Illness or Incapacity
When someone becomes ill or loses the ability to manage finances, a durable financial power allows a trusted agent to step in quickly to handle essential matters. This includes paying for medical care, covering household expenses, and managing accounts to prevent service interruptions. Having an agent already designated reduces the need for family members to seek court approval and helps ensure bills and obligations are handled in accordance with the principal’s prior arrangements. Advance planning minimizes stress on loved ones during challenging health events.
Travel or Temporary Absence
Extended travel for work, family, or medical care may make it difficult to manage financial obligations in person. A durable power of attorney can grant a trusted individual authority to sign documents, handle closings, or carry out time-sensitive financial tasks during that absence. Providing clear written instructions and designating a successor ensures continuity without disrupting routine financial operations. This preventive step is especially useful for business owners or those who must be away for extended periods and need someone to maintain financial stability in their absence.
Management of Complex Assets
Individuals with multiple properties, investment accounts, or business interests benefit from a durable power because it consolidates authority and enables timely decision-making. An appointed agent can coordinate with financial institutions, oversee property maintenance payments, and manage payroll or vendor relationships. Without a designated agent, critical transactions could be delayed, risking financial loss or damage to business reputation. A durable power helps maintain continuity and ensures important financial affairs continue to be handled smoothly.
Local Durable Power Services for Fall Branch Residents
We assist Fall Branch residents in creating durable financial powers tailored to local needs and institutional expectations. Our team guides clients through naming an agent, defining authority, and selecting effective safeguards such as successor agents and reporting requirements. We explain how the document interacts with bank practices and outline best practices for distribution and storage. By addressing practical concerns up front, we help clients avoid common pitfalls and improve the likelihood that the power will be accepted when it is needed most. Personalized attention ensures the document matches both your preferences and Tennessee requirements.
Why Choose Jay Johnson Law Firm for Your Durable Power
Jay Johnson Law Firm provides clear and practical guidance for drafting durable financial powers that reflect your intentions and meet Tennessee legal requirements. We focus on making documents that institutions will accept and that appointed agents can use without unnecessary delay. Our goal is to simplify the process so you can appoint someone to manage finances confidently, knowing that proper steps have been taken to reduce administrative hurdles and protect your assets. We work with you to understand your financial picture and craft a durable power that fits your circumstances.
We take time to explain options such as immediate versus springing powers, scope limitations, successor designations, and reporting provisions. Our approach involves practical recommendations tailored to the kinds of accounts and institutions commonly used in Tennessee, ensuring the document will be accepted when presented. We also advise on storing and distributing copies and on how to update the document as life changes occur. This proactive planning reduces the risk of disputes and helps maintain financial stability for you and your family.
Communication and accessibility are central to our service. We take the time to listen, provide plain-language explanations, and prepare documents that reflect your goals. Whether you need a narrowly tailored power or a comprehensive document to support active business interests, we help you weigh tradeoffs and select provisions that align with your priorities. Our objective is to provide reliable, practical documents that provide peace of mind and facilitate smooth financial management when circumstances require someone else to act for you.
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How We Prepare Your Durable Financial Power
Our process begins with a focused conversation about your assets, family dynamics, and goals for financial management. We then recommend the appropriate scope of authority, select agent and successor provisions, and draft clear, institution-friendly language. After review and revisions, we supervise execution and notarization to satisfy Tennessee formalities. We provide guidance on where to file or submit copies, how to notify relevant banks or trustees, and steps to update the document. The result is a durable power that is practical, legally sound, and ready for use when needed.
Step 1: Initial Consultation and Document Planning
During the initial consultation we gather details about your assets, accounts, and any business interests, and discuss your goals for financial decision-making. We talk through possible agents and whether successor appointments or co-agents are appropriate. This stage helps identify institutional requirements and any special language to include for banks, brokerages, or retirement plan administrators. The planning phase ensures the final document matches your intentions and anticipates common practical challenges, reducing the likelihood of refusal when the document is later presented to third parties.
Discussing Your Financial Profile
We review your accounts, real estate holdings, business interests, and any unique financial matters that could affect agent authority. Understanding the specifics helps us draft targeted provisions that avoid ambiguity while providing the agent necessary authority. We address questions about immediate versus springing powers and whether to include transaction limits or reporting obligations. The discussion is practical and aimed at creating a document that banks and other institutions will readily accept when it must be used.
Selecting Agents and Safeguards
Choosing appropriate agents and including safeguards such as successor agents, co-agents, or reporting requirements are essential decisions. We help you weigh the pros and cons of different approaches and draft clear language to define when and how agents should act. This planning helps avoid disputes and ensures the document supports continuity of financial management while providing the principal with appropriate controls and oversight.
Step 2: Drafting and Customizing the Document
Once planning is complete, we prepare a draft tailored to your needs and aligned with Tennessee requirements. The draft includes precise durable language, identified assets or account categories if necessary, and any limitations or instructions you request. We also incorporate provisions to facilitate institution acceptance, such as notarization instructions or signature acknowledgments. After you review the draft, we refine the language to ensure clarity and practicality before moving forward to execution.
Preparing Institution-Friendly Language
A key part of drafting is using wording banks and financial institutions commonly accept to reduce the chance of refusal. We ensure the document contains the necessary durable phrases and execution formalities so banks, brokerages, and other entities will recognize authority when presented. Careful drafting helps avoid delays and gives the appointed agent the practical ability to act without repeated requests for additional documentation.
Review and Client Approval
After preparing the draft, we go through it with you to confirm the scope, agent appointments, and any special instructions. This step ensures the document accurately reflects your preferences and that you understand the consequences of each provision. We welcome questions and make adjustments as needed so the final durable power is clear, enforceable, and aligned with your goals for financial management.
Step 3: Execution, Notarization, and Distribution
Execution typically involves signing the document in the presence of a notary and any required witnesses according to Tennessee law. We supervise or coordinate this step to ensure proper formalities are observed and advise on where to store the original and which institutions should receive copies. Distributing copies to banks, investment firms, and trusted family members reduces friction when the agent needs to act and helps ensure a smoother transition.
Proper Signing and Notarization
Proper execution and notarization are essential for the durable power to be recognized by institutions. We ensure signatures are witnessed and notarized as required and provide guidance if additional affidavits or acknowledgments are advisable. This attention to formalities reduces risk of rejection and gives the agent clear documentation to present when managing accounts or conducting transactions.
Delivering and Storing the Document
After execution, we advise on distributing copies to relevant institutions and storing the original in a secure but accessible place. Providing copies to the appointed agent and successor, along with written instructions, helps them act quickly if needed. Regular review and updates ensure the document remains current with changing financial or family circumstances, preserving its effectiveness over time.
Frequently Asked Questions About Durable Financial Powers
What does a durable financial power of attorney actually do?
A durable financial power of attorney allows someone you appoint to manage your financial affairs and continues to do so if you become incapacitated. It can authorize actions such as paying bills, managing bank accounts, handling investments, selling property, and filing taxes. The document can be tailored to grant broad authority or limit actions to specific tasks, depending on your preferences. Because it remains effective during incapacity, it avoids the need for a court-appointed guardian to handle financial matters.Having this document in place helps ensure bills are paid, assets are maintained, and necessary financial decisions can be made promptly. It also allows you to specify any instructions or safeguards, like successor agents or reporting requirements. Proper execution and clear drafting increase the likelihood that third parties will accept the authority when it is presented.
How do I choose the right person to act as my agent?
Choosing an agent involves evaluating trustworthiness, financial responsibility, and availability to handle potentially time-consuming duties. Many select a close family member or long-time friend who understands their financial preferences and can work with institutions as needed. Consider whether the person lives nearby or can travel if required, whether they have the temperament to manage difficult decisions, and whether others may contest their actions.It is also wise to name a successor agent in case the primary cannot serve. Discuss your expectations and provide written guidance so the person understands your priorities. Having open conversations reduces confusion later and helps ensure the agent acts in a manner consistent with your wishes when circumstances require them to step in.
Can I limit what the agent is allowed to do?
Yes, you can limit the agent’s authority in many ways. The document can restrict powers to particular accounts, specific assets, or defined transactions, such as handling tax matters or selling a single property. Limits can also require the agent to obtain approval from another person for large transactions or to provide periodic accounting. Clear, specific language helps institutions and successors understand the scope of authority and reduces the risk of disputes.While limiting authority increases control, it can also create practical hurdles if immediate action is required across multiple areas. We help clients balance the desire for control with the need for flexibility to ensure essential financial tasks can be accomplished efficiently when the agent must act.
Is a springing power of attorney a good choice?
A springing power becomes effective only when a specified condition occurs, often a medical certification of incapacity. This can appeal to those who want to retain full control until incapacity is verified. However, springing powers can introduce delays and disputes about whether the triggering event has occurred. Institutions may require formal proof before recognizing the agent’s authority, which can slow urgent actions.Many find that an immediately effective durable power, combined with oversight mechanisms like successor agents or accounting requirements, provides more reliable continuity. We can discuss the advantages and tradeoffs to determine the right approach based on your situation and comfort level with different safeguards.
How is a durable power of attorney revoked or changed?
Revoking or changing a durable power of attorney typically requires a written revocation signed by the principal and delivered to the agent and relevant institutions. You can also execute a new durable financial power that expressly revokes prior documents. It is important to notify banks, brokerages, and anyone relying on the previous authority to prevent confusion and ensure they accept the revision. Proper documentation and distribution help avoid conflicts between competing documents or agents.If you anticipate major changes in relationships or assets, periodically reviewing and updating the document protects against outdated or undesired authority. We assist in preparing revocations or updated documents and advise on steps to notify institutions and involved parties to ensure a clean transition.
Will banks and institutions accept the durable power I create?
Banks and other institutions often have internal policies about accepting powers of attorney, and some request specific language, notarization, or copies of identification. Well-drafted durable powers that comply with Tennessee formalities and include clear durable wording are more likely to be accepted without additional hurdles. Providing institutions with certified copies and discussing anticipated needs in advance can smooth the process.If an institution refuses to accept a valid document, there are steps to resolve the issue, such as providing additional documentation or legal support. We help clients prepare institution-friendly documents and advise on actions to address refusal when it occurs so the appointed agent can act effectively on the principal’s behalf.
Should I name more than one agent or a successor?
Naming more than one agent or a successor can provide flexibility and continuity if the primary agent is unavailable or unwilling to serve. You can appoint co-agents to act together, or designate agents to serve consecutively if one cannot act. Co-agents may provide checks and balance, but they can also create the need for coordination between multiple people. Successor agents ensure someone else can step in without needing court appointment if the primary is unable to act.Careful wording is necessary to clarify whether co-agents must act jointly or independently and to set the order of succession. Choosing trustworthy, willing individuals and discussing expectations with them in advance helps prevent disputes and ensures seamless transitions when necessary.
Does a durable financial power of attorney affect my healthcare decisions?
A durable financial power of attorney governs financial matters and does not automatically control healthcare decisions. Health care choices are typically handled through a separate healthcare durable power of attorney or advance directive tailored to medical decisions and treatment preferences. It is important to have both documents in place so financial and medical needs are managed according to your wishes by the appropriate individuals.Coordinating financial and healthcare directives reduces confusion for family members and agents. We advise clients on aligning both types of documents and ensuring that each is clear about the authority granted, where originals are stored, and who should receive copies to act promptly when needed.
What happens if I don't have a durable power and become incapacitated?
If you do not have a durable financial power and become incapacitated, loved ones may need to pursue court-appointed guardianship or conservatorship to gain legal authority to manage your finances. This process can be time-consuming, public, and expensive, and it can delay important financial transactions like paying bills, managing investments, or running a business. Court involvement can also limit the principal’s ability to control who manages their affairs.Planning ahead with a durable power prevents these delays and helps ensure a trusted individual can act immediately. Even simple planning steps can avoid significant stress and financial risk for family members during a difficult period.
How often should I review or update my durable power of attorney?
You should review your durable power of attorney after major life events such as marriage, divorce, births, deaths, significant changes in assets, or changes in relationships with appointed agents. Regular periodic review, perhaps every few years, helps ensure the document reflects current wishes and circumstances. Updating the document when necessary prevents outdated authority and reduces the risk of disputes or misalignment with your current financial structure.If you move or have material changes in how accounts are held, a review is particularly important because institutions may have differing requirements. We assist clients with timely updates and advise on distributing revised documents to relevant parties and institutions.