If you were to become suddenly very sick or to pass away unexpectedly, would your loved ones know what to do? It is not a pleasant thought, but it is important that you think about how you want your life, and your affairs handled if you cannot take care of them yourself.
We tend to think about the obvious things such as wills, trusts and power of attorney forms, but sometimes we procrastinate going to an attorney to get them. There are things you can do in the meantime to protect yourself and your family if life takes an unexpected turn of events.
Medical Matters
When you visit your doctor or hospital, fill out forms such as Power of Attorney for Health Care, Advanced Directives and Living Will forms. These forms communicate with your care providers who can share medical information with and establish your wishes. Be sure to list your emergency contact people. Do note that the forms you fill out are only valid in that healthcare system. If you seek medical care elsewhere, they will not honor your forms.
Financial Matters
Visit your bank, financial advisor and any other financial institutions. Consider adding a beneficiary to any account that does not currently have one. Be sure that any existing beneficiary designations are current. Adding a beneficiary means that your accounts will pass directly to the person listed, and the money won’t be part of the estate or go through probate. This can simplify things for your loved ones in the event you pass away.
Most financial institutions will allow you to put Power of Attorney (POA) on your accounts without establishing formal POA documents with a lawyer. Much like the forms you fill out at your healthcare provider, putting POA on your accounts will only allow your designated person to make transactions for the accounts with POA designation. These are not general forms that will allow you to act as POA everywhere. Rather they are limited to the accounts that have this designation.
Real Estate
Check with your local Register of Deeds to see if your state allows for transfer of your home or other real estate to a beneficiary. While some states offer Transfer on Death, others offer a similar offering called a Lady Bird Deed. Your state may have specific rules or fees involved, so it is important to research how this works in your state. It’s also important to mention that if you are transferring property or other assets due to needing long-term care, you should consult an elder law attorney and understand how this may affect your future.
Other Important Details
Talk to your loved ones about how you would like things handled if you were to become sick or pass away unexpectedly. Jot down your wishes and leave a list of places where you bank, have investments, your health care provider and other important details so that your family knows what to do.
While it is important to talk about the obvious things like your preference on hospitals or funeral homes, it is also important to talk to them about things they may not have considered. This is different for everyone, but it can be anything from how to care for your pets, your clergy person who should be called, or perhaps it is songs, poems or readings you would like included in your memorial service.
While it is always best to have proper legal work such as wills and powers of attorney documents in place, it is possible to do things that help you be prepared for unexpected illness or death right away with little to no cost. It is still important, regardless of your age or amount of wealth accumulated, to meet with an estate attorney to customize an estate plan that meets your needs.
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Rebecca AgamaiteInvestment Advisor Representative Rebecca joined the firm in 2011 as an Investment Advisor Representative. In this role, she works with clients to manage their investment assets and help them obtain their financial objectives. Rebecca brings a great deal of experience to the team having worked for several years at Marshall & IIsley Bank and MetLife. She earned a Masters of Business Administration degree (with an emphasis on finance) from Concordia University. |
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