What’s included in the Financial POA report?
Our summary provides a consolidated view of critical financial incapacity planning details, such as:
- Agent names and order of designation for financial POAs
- Nomination of a Conservator (Guardian for Property)
- Referenced Jurisdiction
- Durable and Springing provisions
- Third-Party Reliance/Hold Harmless language
- Health Insurance Portability and Accountability Act (HIPAA) release language
- Agent powers, including (but not limited to): gifting powers, ability to change beneficiaries, and ability to hire agents (where applicable)
Breaking Down the Financial POA Report
Once you’ve uploaded your financial incapacity planning documents into Holistiplan and are notified that the review is complete, click on the name of the Financial POA report you’d like to view. As a reminder, Holistiplan Estate incapacity planning documents are summarized at the individual household member level.
The top section summarizes the referenced state of jurisdiction, documents that were reviewed, and whether the documents are signed or drafts.
Agents:
Financial Agents will display the agents named in the uploaded documents. Holistiplan’s logic identifies agents that are named in the power of attorney documents. Below, we have Paula as the first agent and James as the successor to Paula if she cannot serve for some reason.
Insights
Just like our observations in the Tax product and insights in the Insurance product, insights in these summaries are the planning opportunities and summarized notes of the documents reviewed. Advisors can edit, hide, or add insights to the summaries, making it easy to tailor the report to each client’s needs and planning discussions.
To hide an insight, click the eye icon - to edit phrasing of an observation, click the pencil. You can also add custom insights at the bottom of the page.
Holistiplan will call out insights that impact your client’s expenses and coverage - giving you the information you need to have an informed discussion with your client about their estate planning needs.
Citations and Future Enhancements
Citations are not currently linked to report insights. However, we’re actively exploring hover-over highlights and advisor-facing “next step” reports to make reviewing and acting on these documents even easier.
Submitting Draft Documents
Draft documents can be submitted for review. However, the output will be limited based on what is available in the draft. For example, state-adopted statutory forms generally do not include specific powers granted to agents, which may impact the level of insight provided.