When it comes to planning how you want your estate to be handled, sooner is much better than later. Mike Johnson from Suddenly Senior came up with 6 essential steps to take to ensure that your assets are distributed exactly as you desire.
- Most seniors knows there’s a need for a will. But sometimes a trust arrangement might be needed as well. A trust can be included as part of a will to set aside and protect certain assets even before you die.
- Because unforeseen health issues can arise at any time, it’s also critical to have a durable power of attorney that specifies who is to act on your behalf regarding financial and medical decisions. Obviously, a family member or close friend who can be fully trusted is the best choice.
- Another key step is designating beneficiaries for certain financial accounts like life insurance as well as banking and investment accounts.
- People who have possessions of value, even sentimental value, should create a letter of intent specifying what heirs are to receive this property.
- Before reaching a health crisis, you should have a healthcare power of attorney that identifies who is to make medical decisions on your behalf if you are incapacitated or unable to do so.
- Finally, for those with a guardian relationship or responsibility for another individual, you should designate who will take over that role in the event of your incapacitation or death.
There’s a lot to consider. Doing so now is vital to making the resolution of your estate simpler for your heirs.
Council of Seniors Wants to Put Money in Your Pocket
Extra income will help with estate planning. Council of Seniors wants Congress to pass The SAVE Benefits Act to provide you more resources to do so. Because the annual Social Security cost of living adjustment (COLA) fluctuates and can be inadequate, this legislation is really needed. Its passage will give seniors the $581 that’s been omitted from previous COLAs.
Please sign our petition today and tell your friends to do so, too!
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