It is all too often that I have a conversation about how to handle a Will or Power of Attorney and send people off with good intentions to get their estate documents in order. Too many times I have a follow-up conversation a year later and find nothing has been accomplished.
Don’t become one of the many who find themselves unprepared or die without a Will like Aretha Franklin, Prince, Michael Jackson, Bob Marley, Jimi Hendrix, Sonny Bono, James Brown, Howard Hughes, Martin Luther King, Jr. and even Abraham Lincoln.
I get it. Working on these documents isn’t fun. It is critical that you get it done and I’m happy to help encourage you.
Here is your gentle reminder of some of the basic steps you need to take. If you haven’t done this already make it a priority now.
There are four main documents that every person should have. Depending on your individual plans you may need others.
- Will
Your Will may be short and simple or long and complicated. Its purpose is to designate how you want your assets transferred after your death and who will be in charge of overseeing the transfer to your heirs. If you have young children, you can state who should serve as their guardian and who you want taking care of their finances. A short Will is better than no Will. Rarely do things go the way you would have wanted without having a Will.
There are two types of Advanced Medical Directives. These documents give instructions that relate to your health care.
- Living Will
This outlines your medical care preferences at the end of your life. You will state your preferences to prolong or shorten the dying process.
- Durable Medical Power of Attorney
This document is also for your healthcare and will allow the individual you appoint to make healthcare decisions for you, have access to your medical records and discuss your care with your medical professionals.
- Durable Power of Attorney
You use this document to name an individual to serve on your behalf to manage your finances and your property. Whoever you name is required to act in your best interest and make decisions as you would for yourself.
Some of these documents are relatively easy to put in place. I suggest that you get competent legal advice before you sign any document.
I suggest that you discuss with the person you have named as your agent or representative where to find the Advance Medical Directives and/or the Durable Power of Attorney. Without the document, the person will not be able to serve you. You may also want to share where the Will is stored and how the Executor should go about obtaining a copy when you die.
By having these documents, you can avoid a potential disaster for your loved ones or yourself.
Start now if you need to.
#2ndHalfWealth
