USA Today recently ran a great article highlighting a big problem facing many Baby Boomers (and really people of all ages). The basic gist of the article is fairly straightforward. Namely, planning for your future should not be restricted to simply funding your retirement but must also include creating a plan for death or incapacity. While everyone recognizes the importance of setting aside money for retirement, many people choose to ignore the issue of creating a will and other aspects of proper estate planning.
With that in mind, there are a couple of major points from the article worth repeating. First, retirement planning and estate planning both come down to the act of preparing for the future. Make a plan (to save more money, to protect against a second marriage going wrong, etc.) and put it into effect. Don’t forget, once you have a plan in place you can always revisit it and refine it as you move forward.
Second, remember to plan for potential incapacity in addition to death. The value of having a Durable Power of Attorney, Designation of Health Care Surrogate, and Living Will cannot be overstated. These documents will allow you to appoint the person(s) you trust most to make important legal, financial, and medical decisions on your behalf.
Finally, bite the bullet and talk to your loved ones about your plans for the future. No one enjoys talking about dying but being upfront with loved ones about your wishes can save a tremendous amount of heartache and money down the line.
Below is a link to the article. If you have any questions or concerns, please leave a message or contact the office.