Do your loved ones know where your important papers are?
Is it possible for anyone other than yourself to make sense of your financial matters?
What would you want done should you be incapacitated?
It sounds depressing to think of these questions when you’re still in good health. But getting your affairs in order will give you peace of mind and make things easier for your loved ones at a difficult time.
Here’s how you can get your affairs in order in three easy steps.
1. Round Up Your Important Documents
Unless you plan on sending your loved ones on a wild goose chase, you should gather all your important papers and store them in one place.
Important documents include your financial records, deeds to any property you own, insurance policies and personal records such as birth certificates and divorce papers.
2. Make a Will
If you die without a will, the law will decide who your heirs are.
This could be a problem.
You might want to leave some of your property to a close friend, or make a bequest to your favorite charity. You might also want to exclude someone who would otherwise inherit by law. This isn’t possible unless you have a will.
Your will tells people exactly how you want your property to be divided up when you’re gone. You’ll also nominate an executor to sort it out and decide who’ll take care of your minor children and pets.
3. Plan Ahead
Death isn’t the only bad thing that could happen.
An accident or illness could leave you unable to take important decisions for yourself, leaving the task to distraught relatives.
Make life easier for your loved ones by drawing up a legal document that gives you a say on how your affairs are to be conducted.
A living will allows you to set out your wishes on what kind of health care you want, so your relatives won’t need to make those tough decisions for you. Alternatively, you could nominate a person and empower them to take medical decisions on your behalf by means of a power of attorney.
Are you looking to get your affairs in order? Contact Bosserman Law at 662-890-9958 to set up an appointment.