Our mortality is something most of us don’t like to consider very often. However, making sure you have your affairs in order is something every responsible adult has to do at some point. After all, what happens if you are incapacitated and an urgent financial matter arises or healthcare decisions must be made.
This is why you need life’s four must-haves.
- A durable financial power of attorney.
- A durable healthcare power of attorney.
- An Advanced Directives document.
- Be able to answer the question of “What happens after I’m gone?”
This fourth must-have is for everyone, and you don’t want to face that day without knowing what will happen to your loved ones when that time comes. In the event of your death, a plan will be enacted regarding all of your belongings and assets. If you don’t take initiative to take control of your legacy, the government’s plans will begin to unfold, often referred to as probate. It can be time-consuming and costly for your loved ones. For example, for every $100,000 in estate assets, you could spend as much as $10,000 in probate costs for appraisals, attorneys, court fees, and more. Your alternative plan is a Revocable Living Trust. A Revocable Living Trust allows you control over your customized plan for the assets you leave behind. There are many advantages to enacting a revocable living trust, including flexibility, avoidance of probate, availability of assets upon your death, and no interruption to investment management, to name a few. Are you ready to take the next step in protecting your loved ones? Contact us to speak with an expert.
Bank On Yourself® is a registered trademark owned by Hayward-Yellen 100 Ltd Partnership and is being used with permission.