Everyday Wealth Blueprint

Retire on This, Not on That

 
The Weekend Swap
 

Don't Do This

Spend the weekend worrying about updating your will.

↓

Do This Instead

Spend 15 minutes checking if anyone can legally manage your accounts if you can't.

 

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The Conversation Most People Have

"We should really update our will."

That's the conversation. It comes up every few months. Usually at the kitchen table. Usually on a Sunday.

Someone mentions a friend's situation. Or a story about estate taxes. And the whole thing gets put back on the list.

Here's the thing about that conversation.

Your will might not matter as much as you think.

Your IRA passes by beneficiary designation. So does your 401(k). Your life insurance. Your brokerage account. In most cases, the beneficiary form on file at your custodian overrides whatever your will says.

But that's about what happens after you die.

There's a bigger question. And most people never ask it.

What happens if you can't manage your own money... but you're still alive?

A stroke. A fall. A cognitive decline that shows up faster than anyone expected.

 
 

Only 18% of Americans 55 and older have all three essential documents — a will, a healthcare directive, and a durable power of attorney.

— Caring.com, 2024 Wills and Estate Planning Study (n=2,481)

 

The will gets all the attention. The power of attorney does all the work.

And most people don't have one.

 
 

The Conversation You Actually Need

A durable power of attorney lets someone you trust — your spouse, your adult child, your sibling — manage your finances if you can't.

Pay your mortgage. Handle your tax return. Talk to your brokerage. Access your bank account.

Without one, your family hits a wall.

Even your spouse can't access your individual accounts. Your brokerage won't take their phone call. Your IRA sits frozen. Bills pile up. And the only way forward is a courtroom.

 
 

Without a POA

Court-appointed guardianship: $3,000–$5,000 uncontested. If family members disagree, that climbs past $15,000. Per side.

Minimum 30 days to get a court hearing — assuming nobody contests it.

 
 

With a POA

A durable power of attorney costs about $300 with an attorney. Sometimes less. The document is 3 to 5 pages. It takes one appointment.

 

$300 now. Or $5,000 to $15,000 later.

That's the gap.

And here's the part that catches people off guard. You can't sign a power of attorney after you've lost capacity. That's the entire point of the document. It has to be done while you can still sign your name.

43% of Americans say they plan to handle estate planning when a health crisis comes. By then, for a POA, the door is already closed.

 

How to Do It

This weekend, answer three questions. It takes about 15 minutes.

Step 1

Do you have a durable financial power of attorney?

Not a healthcare proxy. Not a living will. A durable financial power of attorney. If you're not sure, check your files or call the attorney who drafted your will.

 

Step 2

Is the person named on it still the right person?

Life changes. Divorces happen. People move away. The person you named 15 years ago might not be the right choice today.

 

Step 3

Does your bank actually have a copy on file?

This is the step most people skip. Many banks reject a power of attorney they've never seen before — even a valid one. Call your bank, your brokerage, and your retirement account provider. Ask if they have your POA on file. Some institutions prefer their own forms.

 

If you don't have a durable POA at all, that's what this weekend is for. Not updating your will. Not reorganizing your filing cabinet. Just this one document.

You can get one from an estate planning attorney for $150 to $450. Some legal aid organizations provide them free if you qualify. The document itself is usually 3 to 5 pages long.

Three pages. That's it. The most important paperwork in your financial life that nobody talks about.

 
 

This Weekend

A good outcome looks like this: you spend 15 minutes. You find the document. You confirm it's current. You call your bank on Monday and make sure they have a copy.

A bad outcome looks like this: you don't check. Nothing happens for years. And then something does. And the person who loves you most can't help — because no one gave them the legal authority to try.

The will gets the attention. The POA does the work.

 

Have a good weekend.

 

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