First up is choosing someone to handle your finances if you reach a point where you cannot.
When you give someone durable power of attorney for your finances, that person will be in charge of paying bills and filing tax returns, for example.
You also should give someone durable power of attorney over health care. That lets the designee make important health-care decisions if you cannot.
This is separate from a living will, which states your wishes if you are on life support or suffer from a terminal condition. This helps guide your proxy’s decision-making. And if you have no one named, medical personnel must follow your wishes in that document.
While creating an estate plan might not seem appealing or fun, the process can help ensure that your assets end up where you want and your wishes are carried out.
“It comes down to doing some visualization that people don’t like to do — imagining themselves no longer alive,” Jones said.
Be the first to comment