Would you ever walk out the door one morning and instead of going to the coffee shop or the gym just go on a vacation for a week or a month? No arrangements for who will handle routine household matters, who will feed pets and water plants, and how bills and finances will get managed. Spontaneity might be tempting, but in all likelihood upon your return your household and finances will be in chaos. Yet, that’s most likely what will happen if you don’t have a plan in place should an emergency arise.
Most estate planning experts believe that planning for unanticipated events during lifetime is as important than who will inherit your assets. Consider:
- If you are suddenly unable to manage your financial affairs, do trusted loved ones have the legal authority to step in and continue for you - without the need for court intervention?
- Do family members know where your bank, investment, and retirement accounts are maintained? And if they do, will they have access to the funds in those accounts to pay your medical expenses and other bills?
- Do you have a Power of Attorney and health care directive, and do those entrusted to implement your instructions have the documents they need?
- Who will know where to find the usernames and passwords to your financial accounts?
Planning is liberating because it can release you - and your loved ones - from the chaos of the unexpected and unwanted outcomes. Think about and share information and documents with those who will need them. Now you can take that unplanned vacation with the knowledge that all will continue to function smoothly while you bask in the sun or hike the mountains.
Having a thoughtful estate plan in place means those you love and care for, as well as the causes most important to you, will be provided for. Each person’s situation is unique, with specific concerns and priorities, but with proper planning, your assets can be distributed to loved ones in a way that effectively addresses your situation.
Download our Estate Planning Guide, designed to help you prepare and organize the key elements to develop a comprehensive estate plan.
