LEGAL AND FINANCIAL SPRING CLEANING WITH DANIELLE MAYORAS
Danielle recently sat down with WDIV in Detroit to discuss the importance of legal and financial planning. Are your documents up to date? Read on to learn more about how to get started.
WDIV: On a day like this, you wouldn’t believe that we’re talking about Spring, but this time of the year is an excellent chance to do some deep cleaning and get organized for Spring financial cleaning. We are talking about today getting all of those financials and legal documents. Joining us this morning is Danielle Mayoras. Danielle, thank you so much for joining us here this morning.
Danielle: Thank you for having me.
WDIV: First of all, what are the kinds of things that people should think about when we’re talking about your documents, your legal documents, your financial documents?
Danielle: Well, Spring is a great time to pull those documents out and take a look at them, make sure they say what you want them to say, and to ensure you have the people making your decisions that you want to do that and leaving money to the people you want to have it. And so, you know, things change over time. So it’s always great to take a look at those.
WDIV: What kind of documents are we talking about?
Danielle: Great question. I’m talking about estate planning documents, wills, and trusts, durable power of attorneys. You really want to make sure those documents reflect your wishes.
WDIV: Sure. We also want to talk about storage. While digging through these things, you may have some old documents you no longer need. How do you get rid of those, and what should you do with the ones you want to keep?
Danielle: Well, the most important thing is telling your loved ones where you actually keep those because I can’t tell you how often people leave those documents and something happens, and their loved ones have no idea where they’re located.
WDIV: Sure. You know, it’s often difficult to talk about estate planning and will planning and those things. What do you tell the folks you work with about how to start that conversation with maybe a loved one?
Danielle: I think it’s essential that it’s coming from a place of, I want to make sure that you’re taken care of and here’s what’s happening. So having that conversation and not making it a dreaded conversation, but coming from a place of love, is so important.
WDIV: Sure. We’re also coming up on tax season here. We’re in the thick of it for most of the CPAs right now. That is all a part of financial Spring cleaning as well. What should you do if you come across something and are like, my finances are not in order?
Danielle: If you come across something and are like, my finances aren’t in order, I think it’s a great idea to reach out to the professionals in your life this time of year—your attorney, financial advisor, your CPA. And it’s also imperative to keep a list of all your assets and look those over to ensure everything is how you want it.
WDIV: Sure. There are some folks out there who might be nervous. Let’s say you’re in over your head, and it might be embarrassing to talk to somebody. What would you tell someone who has a story like that?
Danielle: I would say just do it. You know, you want to have those professionals around you. It’s their job to help you. They want to help you, and you want to avoid being in a situation where you didn’t get good advice, and then your family pays the price.
WDIV: Sure. This idea can be, for many folks, especially if they haven’t looked at these things seriously in a long time, where should someone start?
Danielle: They should start with the basics—taking care of the estate planning and their financial planning. Reaching out to someone like an attorney or your financial advisor in Spring is so important.
WDIV: Perfect. Danielle, thank you so much for joining me this morning. We appreciate it. Good time, even though it might not feel like Spring today, to do this financial spring cleaning.
Danielle: Thank you.