The older you get, the more you begin to face your own mortality. You may begin to look into planning end of life decisions for your family, so they won’t have to stress about the details once you’re gone. Whether you have adult children and grandkids or young children still in school, planning your estate is a carefully thought out gift to your family.
The Last Gifts You’ll Give
While you’re planning your estate, there are three essential pieces to take care of:
- Last Will and Testament: No matter how much or little you have in personal assets, you need to decide how to divide them amongst your heirs. Your Will gives specific instructions on how to carry out your decisions and who should be responsible for them as executor.
- Power of Attorney: As long as you are mentally and physically healthy, you likely don’t need a power of attorney (POA). But you should give consideration to who will be your POA before you are unable to make decisions or leave your home. You may have a financial POA and a medical POA. They don’t have to be the same person. This step can serve to prevent overtaxing one of your loved ones or entrusting a trustworthy or knowledgeable person with your life and finances.
- Life Insurance: Every family should have life insurance for the primary financial provider. The amount should be at least six months of income plus enough for funeral expenses.
End of Life Planning in Augusta
Fred M. Kennedy, PC and his legal team can help you draft the legal documents you need to ensure your family is cared for. Contact our Augusta office today to schedule an appointment!
Posted on behalf of Fred M. Kennedy, P.C.