Preparing for the future is very important. You need to have a plan in place for medical emergencies and how you want your estate handled in the event that you pass on. Taking steps to prepare now means that you will avoid some of the challenges older people face later. The good news here is that your membership covers estate planning and can help you navigate the confusing legal terms and documentation.
Many people view making a will as a declaration that they are getting old. But think about what would happen to your money and all the assets you’ve built up. What would happen if you died without such things in place? Everything would be frozen and held until a court could decide what to do with it. Your spouse may inherit most of it, but if you wanted to leave a portion of your funds to another relative or make a donation to charity none of that would happen. Making a will ensures that everything will be divided exactly as you planned it.
Power of Attorney – having a durable power of attorney is like having someone you trust to make decisions for you in the event that you cannot. Is there someone close to you that you’d like to do this for you?
Advanced Medical Directive – is another name for a living will that enables someone to make medical decisions for you if you are not able to. Would you want to be resuscitated? If you become incapacitated do you want to be on life support? You could appoint someone to make these decisions according to what you want, not what a doctor decides.
Planning for your retirement is not something to leave to chance. Most likely your Social Security (Old Age Security in Canada) payments will not be enough to cover all of your living expenses as you age.
Research and apply for all government and private benefits that you could be eligible for such as life insurance, health insurance, government help programs, pensions, 401K, and etc. Do you have military benefits? Retirement funds from work? Is there more you might be missing?
You should have all of your assets listed and readily available to your attorney. This includes bank accounts, investments, CDs, IRAs, and etc. Include everything, even if you don’t make any money from it. Whether they pay or not they are still assets.
Create an “Important Documents Packet” containing all of your important documents and your comprehensive summary of assets and benefits. You should also include the name of your physician, medical papers, military discharge papers, immunization records, allergies, deeds, titles, and bills of sale for all property. How will someone find your important paper when you die?
This is not a path you have to travel alone. Your Law Firm ensures that someone is always there for you. Contact your law firm provider today to get information on estate planning and get started securing your future.