End-of-life planning is a tough subject for many people to think about. Yet, it’s essential so that your wishes can be carried out if you become incapacitated or die. It can also be essential to protecting your assets if you need long-term care.
Update Your Will
You need two different types of wills. A living will allows you to designate a person to make health care decisions for you in the event that you’re incapacitated. It also allows you to outline if you want life support measures or to be resuscitated. The second type of will covers what happens to your possessions after your death. Your will should designate a person to handle your estate. In some cases, it may cover what happens to proceeds from your life insurance and retirement plans. According to RocketLawyer, “update your will when important life events occur, or every couple of years, as you never know when a sudden illness or accident can happen.”
Life and Health Insurance
You need life and health insurance to cover your final expenses. According to New Eagle Insurance, “life and health insurance help
you to prepare for sickness, disability, or death. When you are no longer able to work, your beneficiaries receive compensation.” You’ll be asked to name a person who gets these benefits at the time of your death. Make sure that person is someone you can trust to handle your estate in the way that you want it handled. Additionally, make sure that multiple people know where your policy is located. If the policy can’t be located at the time of your death, then your beneficiaries may have trouble claiming the money that you’ve carefully set aside for them.
Long-Term Care
According to AgingCare, “more than 50 percent of people end up needing long-term care before the end of their lives.” There may be things that are very difficult for family members to do at home, so you need constant trained nursing care. If you want your assets to go to your heirs, then you may need to set up a trust before going into a facility if you need help paying for the care. If you still have income coming in, you may need to set up Qualified Income Trusts (QITs) and Pooled Income Trusts (PITs) to protect that income. There may be other solutions possible, so make sure to contact a lawyer before you need long-term care.
Creating a long-term care plan helps make sure that your plans are carried out if you become disabled, sick, or die. It’s essential to review these documents with trusted authorities on a regular basis.
Another thing you and your family need to keep in mind is your obituary. Let MyObits help in your obituary needs to easily send out the message of your passing.
