Estate Planning is Key

I could write 10,000 posts on Estate Planning and there would be some people that still put it off. It’s not a thing people want to think about. But your family will be so happy that you did. A few mistakes I have seen people make recently are:

1) No life insurance - Please, please, please. Have life insurance. Even if it’s a small policy. That money will be so helpful to those you leave behind.

2) No powers of attorney for property or health care - What if you’re in the hospital and incapacitated? How is your family going to be able to make decisions for you, or better yet, is the RIGHT person going to be the one making those decisions? What about getting access to things like your bank accounts to pay bills? You need those powers of attorney.

3) Funeral and Memorial Planning - Man, funerals are expensive. I mean, like really expensive. Not only does your family have to come up with the money to pay these items, but they have to figure out what you want. Have you spoken with them about it? Have you written it down anywhere? Don’t make your family guess, and worse, pay money out of their pockets for your funeral. Pre-plan and pre-pay for a funeral if possible.

4) Have a place where you keep important documents - A file, paper or electronic. Where are your bills being paid? How? Through what account? What are your passwords? Who is holding your money? Your retirement accounts? Make sure you have up-to-date documentation on these items handy and easily accessible. Don’t make your family wade through bankers boxes of paper to find them.

5) Do you have pets you love? They need plans too. Is your best friend going to take your cat when you die? You can leave the guardian of your pets money to take care of their needs. Otherwise, your pet may go to a shelter or be euthanized when you die.

There are so many things to consider when you die. And very rarely, do people know exactly when that will be. Make a plan. Your family will thank you.