![]() ![]() This can provide comfort in a difficult time. A living will tells our families and doctors what type of end-of-life care we want. Because these can often be emotionally difficult, life or death decisions, it’s important to make our wishes known. A power of attorney for healthcare, or healthcare proxy, can designate a loved one to make those decisions for us. Similarly, most of us will eventually get to a point where we are unable to make medical decisions for ourselves. While family members may be providing us with informal assistance with paying bills or keeping track of financial accounts, they don’t have the legal authority to act on our behalf until we give it to them through a properly executed power of attorney. For example, if we get to a point where we need help managing our financial affairs, we will need to give someone that authority in a power of attorney. Powers of attorney and advanced health care directivesĪ big part of legacy planning is making sure that the people we will rely on to help us have the tools they need to do it effectively. If someone is impacted by Alzheimer’s disease, a stroke, or any other medical condition that leaves them unable to act on their behalf, it may be too late. Estate plans and beneficiary designations generally cannot be changed once someone loses their legal capacity. There is also another reason to address this first. Ultimately, however, planning is about that very small possibility that we don’t. Chances are that most of us will live a very long time in retirement. There are a couple of important reasons to start here. ![]() It’s also important to make sure all of your beneficiary designations are up to date and accurately reflect your wishes. ![]() It’s important to have basic estate planning documents such as wills and trusts in place. Here are three key things for clients to consider.Įstate planning and beneficiary designations One way to make it a little more manageable is to use an old tried and true method-the checklist. There’s certainly a lot to consider, and the process can be daunting. In recent weeks, I’ve looked at the process of legacy planning and why it’s an important exercise for financial professionals and their clients. ![]()
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