Whether through death, divorce, or single by choice, you are successfully handling your financial affairs. If you use the same can-do attitude that got you where you are today, you’ll want to ensure your wealth passes to the people and causes you believe in.
Have you checked your beneficiary designations on your life insurance, retirement, and bank accounts? If you were previously married, your ex-spouse might still be the beneficiary on some accounts, and that designation will override any instructions in your will.
Naming a power of attorney and creating a will avoids complications in your financial matters; otherwise, the courts could appoint someone to make those decisions. If you don’t have children, it is essential to update the charities, causes, and friends named as beneficiaries as your wishes may change over the decades. We learned HERE why it is imperative to update your plan every few years if you do have one.
During your last visit for your annual physical, your doctor may have provided you with a medical power of attorney. Naming someone to act on your behalf and listing your wishes for medical decisions will add peace of mind to all concerned.
Read HERE for a clear overview of the steps to take to achieve a comprehensive estate plan, then get back to your best life!