If you don’t know, I will tell you… I am not ready to die. I realize that I don’t know who is gonna get the “Rolex or the Lexus.” I don’t have things in order regarding my last wishes. Like so many of us, I have yet put the safety nets in place if I were to suffer a long-term illness. Also, I would like to make a smooth transition and the mourning process easier for my loved ones. Who really wants to think about such things? However, the reality is, as much as we think we will live in this human form forever, we won’t. We all need the following checklist of the top three things to prepare for and review with our family and friends:
1) Power of Attorney: A type of estate planning document that allows you to appoint someone to act on your behalf to manage your finances. A Power of Attorney can be “durable,” meaning that it goes into effect immediately and continues to be legally binding if you become mentally incapacitated; or a Power of Attorney can be “springing,” meaning that it does not go into effect until you are declared to be mentally incapacitated. (Read More)
2) Advance Medical Directive: This document has different names state by state but an Advance Medical Directive is a legal document that allows you to specify your medical treatment and who will make health care decisions for you if, for any reason, you cannot make these decisions for yourself. (Read More)
3) Will and Testament: Your Last Will and Testament will provide all of the essential details of who will inherit your property, when and how they will inherit it, and who will be put in charge of settling your final affairs. (Read More)
Consult the guidance of a financial advisor and attorney to make your preparations and get ready die. Some online resources include LegalZoom.com.