Stay Calm on the Markets — But Please Do This One Thing

A Note on Recent Market Volatility

Many of you have reached out with questions about the conflict in the Middle East and whether it's reason to reconsider your investment strategy. Like you, we've been watching developments closely — it's impossible not to.

But our investment approach isn't built around reacting to geopolitical events. Markets have navigated wars, crises, and political shocks throughout history, and making defensive shifts in response to uncertainty often ends up doing more harm than good. Your portfolio is structured to weather periods like this, and unless your cash flow needs or long-term goals have changed, staying disciplined is typically the most prudent course.

If you'd like to talk through your specific situation, please don't hesitate to reach out.

A Real Story — and an Urgent Request

I was talking to another advisor about a client of theirs who has been hospitalized for several months and who will likely not be returning home. She was a sharp, accomplished professional — an attorney, in fact — and one would have assumed that someone like her would have every document in order.

She did not.

There is no Power of Attorney on file. That means there is no one with the legal authority to pay her bills, manage her finances, or advocate for moving her to a better care facility. Her healthcare proxy was eventually located — but only after months had passed during which no one could weigh in on her medical care. During much of that time, she was not conscious or able to make decisions for herself.

This is not a story about being unprepared. It is a story about how easily life can move faster than our best intentions.

I am asking you — please — to make sure the following documents are in place:

If you are single:

·       Power of Attorney (financial) — gives a trusted person legal authority to manage your finances if you cannot

·       Healthcare Proxy — designates who makes medical decisions on your behalf

·       Advance Directive / Living Will — spells out your specific wishes regarding life support, resuscitation, and end-of-life care. This is different from a healthcare proxy, which names who decides; an advance directive specifies what you want

·       HIPAA Authorization — without this, doctors are legally prohibited from sharing your medical information with anyone, including your family, even in an emergency

·       Will and/or Trust — ensures your assets are distributed according to your wishes

If you have children or care for someone who depends on you:

·       All of the above, plus a named guardian or custodian in the event something happens to you

If you are married:

·       All of the above — because something can happen to both of you, and you should not assume your spouse's authority is automatic in every situation

For everyone:

·       Review your beneficiary designations. Retirement accounts and life insurance policies pass outside of your will entirely — meaning an outdated beneficiary designation (a former spouse, a deceased parent) can override everything else you've carefully planned. We are happy to review these with you.

·       Create a Letter of Instruction. This isn't a legal document, but it may be the most practical thing you can leave behind. Where are your accounts? Who is your accountant? What are your passwords? What are your wishes for your funeral? This is the document your family will actually reach for in a crisis.

Where to Store These Documents

Make sure the people you've designated know where these documents are. A healthcare proxy that can't be found for months is not a plan. One simple solution: Raymond James Vault is a secure platform where you can upload and store all of your critical documents. This matters more than you might realize — if your trusted contact notifies us that you've become incapacitated, we can access those documents and reach out to your designated Power of Attorney directly, helping to ensure nothing falls through the cracks.

How to Get Started

If you already have these documents in place, I'd love for you to let us know so we can note it in your file. If you don't have an estate attorney, there's a service called Legal Now from ARAG that makes it relatively easy to get these documents done — state-specific templates for wills, powers of attorney, and similar documents, plus access to attorneys when you need one. One small silver lining of being a Raymond James client: you have access to a discounted rate. We don't receive anything for mentioning it — it's simply a useful resource for anyone who wants to get these documents in place without a lot of friction.

You can read more about why we consider a Power of Attorney essential to every financial plan here.

One More Thing

I've written about estate planning topics before on our website, and I realize not everyone sees those posts. Going forward, we'll be sharing our articles and insights by email as well. If you'd ever prefer not to receive these, just reply and let us know — no questions asked.

As always, we’re here if you have questions or want to talk through any of this.