Financial Wellness - Planning For The Worst

FINANCIAL WELLNESS - planning for the worst (2) Planning for incapacity and end of life is an important step in protecting loved ones that many of us often neglect.  With the help of an attorney or legal document site, you can add these few straightforward tools to your planning strategy to insure that you and your family are well taken care of.

Will:

A will is a legal document that has the power to protect your loved ones and assets.  Through a will, you direct who will (and who will not) inherit from your estate.  A will can also help avoid a lengthy probate process and minimize the imposition of taxes on your estate.   In your will, you may also select a person to serve as guardian for your minor children.

Guardianship for Children:

In the absence of a will, the court will decide who will serve as your minor children’s guardian if you pass away.  Having a will allows you to have input as to whom you want to raise your children and gives the court guidance in making the appointment.

Financial Power of Attorney:

By nominating someone as your agent under a Financial Power of Attorney, you give that individual the ability to “step into your shoes” and handle your financial affairs in the event that you are unable to do so yourself.  This document can become effective right away, or can go into effect upon the happening of a specified event, like becoming incapacitated.

Advanced Directive for Healthcare:

This legal document gives you the freedom to make important choices about the type of healthcare you want in the event you become incapacitated.  Under the Directive, you may also appoint someone to serve as your agent and make decisions about your care in the event you are not able, and allows you to select an individual to act as your guardian if a court determines that a guardianship is in your best interest due to incapacity.