Getting Things In Order & Planning For The Future

This may be the most important and valuable information I have on this website.

To this day, I am amazed at how few individuals and couples have their “affairs in order.” 

The sooner you get your affairs in order, the better. As you age, you must have a plan for your future in how you will be cared for and where you will be cared for.

Here are few suggestions:

• Get a Will!: I routinely ask my clients (who are mostly over 65) if they have a will and sadly, most of them don’t. Whether you are single or married, you really should have a legal will to spell out exactly what you want to happen when you die. 
• Get a Living Will: A living will is a legal document that discloses what you want or not want done in the event you are incapacitated…like in a coma, or after a severe accident. It discloses what, if any, lifesaving measures you want done.
• Get a POA (Power of Attorney): A Power of Attorney allows an individual(s) that you select to act on your best interests and behalf in the event that you aren’t physically or mentally fit to do so yourself. A full POA covers both financial and health concerns. If you have competent, trustworthy children, then speak with them and appoint one of them to be your POA. Find a local Estate or Elder Care attorney to help you with these first three suggestions. You can usually get a packaged deal for these estate documents. 
• Speak With A CPA and/or Estate Attorney: Do you need a Trust? If you have assets that will be transferred to someone else upon your death…especially if it’s not your spouse, then speak with a CPA and/or Estate Attorney to make sure your heirs receive the maximum amount of your estate.
• Develop A Plan: Come up with a plan for how you will be cared for when you can no longer care for yourself. Speak with your children or close relatives. Most people wait till it’s too late for this. And it turns out to be a burden on them and others. These are serious and sometimes difficult conversations to have, but you must have them. If you get to the point where you can’t care for yourself then you need to determine:
  • Do you want to stay in your home and have someone else care for you either part-time or full-time?
  • Should you plan on moving in with an adult child or relative?
  • Do you want to move into a retirement home that offers assisted living and full-time nursing care?
  • Should you buy a Long-Term Care insurance policy? If you are not too old and not in too bad shape, you may still be able to get one. Check with me about this.
• Upon Death: Have a plan for your “Final Arrangements.” Will you be buried or cremated? Where you will be buried? Have you purchased a burial plot? Consider purchasing a pre-paid funeral policy.