Are Your ‘Affairs’ Really in Order?
A consumer report said that just 7% of those ages 19 to 29 have an advance directive for health care emergencies. Even fewer have a will.
News4Jax’s recent article entitled “Are your affairs in order? Things to sign now to save your loved ones later” acknowledges that estate planning is a little boring, difficult and will require an experienced estate planning attorney to finalize everything.
Nonetheless, this is one of the most important things we can do for ourselves or our families.
So, are your affairs in order?
Remember that your estate is essentially everything you own. If it’s not protected, it could be taken away from your loved ones.
An important document to have is a health care proxy or power of attorney. This document allows you to designate the individual with the authority to speak for you with respect to health care matters, if you cannot speak for yourself.
A HIPPA authorization also lets your designated agent speak with your healthcare providers and have access to your medical records.
Another important form is a financial power of attorney. This document allows you to appoint someone you trust to handle your bills, contracts and assets. This document must be signed and notarized.
Switching gears, you are going to need a digital asset inventory. This will contain your entire online presence and include all of your accounts, logins, passwords, social media and professional profiles. This also includes a list of everything you have on autopay.
Lastly, you need a last will and testament through which you name an executor (or a personal representative) to handle your final postmortem affairs. But a will doesn’t keep assets out of probate, so make certain that you have all of those other documents ready.
One more item: you can draft a personal property memorandum that lists the beneficiaries of any sentimental, non-monetary, items.
BOOK A CALL with me, Ted Vicknair, Board Certified Estate Planning and Administration Specialist, Board Certified Tax Law Specialist, and CPA to learn more about business planning, estate planning, incapacity planning, and asset protection.
If you liked this article, “Are Your ‘Affairs’ Really in Order?” read these additional articles: Should I Get a Medical Alert System? and What If I Become a Sudden Caregiver for a Senior? and Do I Get Ex’s 401(k) because I Was Named the Beneficiary? and How to Avoid a Family Fight over Company
Reference: News4Jax (Jan. 13, 2021) “Are your affairs in order? Things to sign now to save your loved ones later”