We work hard to meet various financial goals, but there is only one of them that will matter when you die. Have you planned your estate?
Estate planning affects you while you’re still living
Wills are not just for dividing up the estates of the super-rich. They help to explain your medical wishes in a medical proxy or healthcare power of attorney.
Once you become 18, your parents don’t have the legal right to make decisions for you. If you end up on life support and you do not have documents in place stating that you want to stay on it, you can be removed from life support, against your family’s wishes, when a time limit set by your state or insurance company has been met.
Who are you responsible for?
If you are the primary caregiver for a child, and disabled adults, or even a pet, you need to clearly state who should take over your role in a will. If you die without a will, the state doesn’t know which of your families is trustworthy. The state doesn’t know that your children are more comfortable with your best friend.
Each state has laws about where children go if their parents die. If the state cannot contact the people deemed by the state to be your next of kin who should take care of your children, your children could end up in the foster care system. Disabled adults are very likely to end up in an institution in this situation.
Regardless of how much money we have while alive, our death creates bills. The settling of our affairs and the paying off of our debts create bills.
Give your family peace of mind in a stressful time by planning your own estate.