Tip: Here are 10 important things you can do.
Most of us understand that estate planning is important, even though we frequently put it off because it is hard to think about leaving our loved ones. Still, having a plan for the future is essential and can prevent family conflicts.
When we talk about estate planning, usually we are referring to how we are going to distribute our property after we have passed. However, it is also essential, before we become incapacitated, that we sign a Financial Power of Attorney and a Durable Power of Attorney for Health Care to give a trusted person authority to help us with our finances and to make Medical decisions for us if we cannot make them for ourselves. By completing these documents, our family will know our wishes, and we can avoid the need for costly guardianship and conservatorship proceedings.
Here are 10 things you can do to plan for your future:
1. Write a Will naming a Personal Representative for your estate and indicate to whom your estate is to go rather than have it go to the persons designated by Idaho law.
2. Prepare an advance medical directive and a healthcare power of attorney naming an agent to make medical decisions for you if you are unable to make them for yourself.
3. Prepare a financial power of attorney giving a trusted person the authority to make decisions if you need help managing your finances.
4. For married couples, sign a deed that creates a right of survivorship on real property—such as your house—which will avoid the need to probate on the passing of the first spouse.
5. Make a tangible personal property list indicating to whom you would like your property to go, such as heirlooms, furniture, guns or jewelry, etc.
6. Name guardians or conservators for minor or incapacitated children.
7. If applicable, set up a Special Needs Trust for an incapacitated child to supplement their needs without affecting their eligibility for Social Security and Medicaid.
8. Make sure you have named beneficiaries for your life insurance policies, 401Ks, and IRAs.
9. In some cases, set up Pay on Death on your checking and savings accounts.
10. If you own a business, make sure it has an orderly succession plan.
In conclusion, by establishing goals and having a plan in place, we will be prepared for whatever the future holds for us.
For more information, click on the link “A Senior’s Guide To A Well-Planned Future” to view a fun booklet – it will bring up an easy to understand, colorful booklet full of helpful information.
View our “Senior’s Guide to a Well-Planned Future” on our website! Packer Elder Care Law – with you for life!
Tom Packer is an Elder Law Attorney serving all Southeast Idaho. As part of his law practice, Tom offers Life Care Planning to deal with the challenges created by long-term illness, disability and incapacity. If you have a question about a Senior’s legal, financial or healthcare needs, please call us.
July 2024