Lessons From Lee: Planning Ahead
There’s nothing more critical – aside from good health! – than having your financial affairs in order. This is important for you and for your loved ones. There are four basic documents you want to have in place that you should discuss with your estate planning attorney:
Durable Financial Power of Attorney – this gives someone (called your Attorney in Fact) the authority to act in your place when you are unable or unavailable for your checking account, real estate, and investment accounts.
Last Will & Testament and, as appropriate, a Revocable (or “Living”) Trust – provides for the disposition of your personal property and financial assets (excluding retirement accounts and most life insurance) at your death; appoints your executor and directs payments of any debts, estate taxes, and specific bequests – like to the Preservation League!; may provide for your digital assets (email accounts and photos)
Advanced Health Care Directives – Health Care Power of Attorney and Living Will (not the same as your Last Will and Testament, above in #2)
Beneficiary Designations for Retirement Accounts
In future columns, we'll be delving into some of these in greater detail – stay tuned!