You’ve put a lot of work into building your nest egg. But it can be exposed to risks if you’re not careful to name someone else to make these important decisions and actions for you if you were to become unable to handle that on your own.
No one wants to anticipate a future in which they are not able to take care of the important financial decisions and actions that support their family, but unfortunately, that day will come for many people and missing this from your estate or financial plan can make things much more difficult in an already challenging situation. Make sure that your money is taken care of if you were to become incapacitated. In an ideal world you’ll never need to put this plan into action but knowing that it’s there will decrease the stress and confusion that your loved ones might face if you are unable to speak for yourself. This process usually involves updating or creating estate planning documents like a power of attorney and a living will.
Your power of attorney allows you to designate another person to make financial decisions on your behalf and take actions on your behalf if you are unable to do so, and a living will gives your instructions for your medical treatment if you are not able to make these decisions on your own. If you have further questions about how to put this into action, you should discuss your individual estate planning goals with an experienced estate planning lawyer from a law firm.
There are many different things to consider in choosing who you will name as a power of attorney agent and some of the other components that go into your estate plan overall. The more you can align your personal goals and needs with what’s most important to you in your estate plan, the easier it will be for your loved ones to focus on supporting you and helping you recover during this difficult time.