As an adult, it is smart to always have your estate in order. You never know what is going to happen in life, and you want to make sure that no matter what happens your loved ones are taken care of and don't have to wade through legal paperwork when all they really want to be doing is mourning your passing.
1. Get Some Life Insurance
One of the first things that you should do is get some life insurance. Life insurance will ensure that your loved ones are well taken care of when you pass away. It is easier to get life insurance when you are young and healthy, so the sooner you sign up for a life insurance policy, the better.
The most affordable life insurance policies are term life insurance policies that remain active for a set number of years. For example, if you are 35 years old and purchase a term life insurance policy, that policy would cover your family if you were to pass away before you turn 55.
When you purchase a life insurance policy, make sure that it would allow for all of your debt to be paid off, would fund savings goals such as college tuition for your children, and would provide your family with a reasonable income to live off of.
2. Set Up Your End-of-Life Documents
Next, you are going to want to make sure that you have end-of-life documents set up in that you are unable to respond or take care of yourself, your family will be able to step in.
The first end of life document you need is a durable power of attorney that will allow the person you choose to take care of your finances, such as paying your bills, and any legal matters that arise while you are not physically able to take care of them yourself.
Second, you need a release of information form that will allow your doctors to discuss your medical records with all the people you list on your release of information form. If you are not married but have a partner, or have a support group of friends, this can be an important document to ensure that they are able to learn about your medical care if you are not able to speak for yourself.
Finally, you need an advance directive. This assigns someone to make medical choices for you that should be outlined in your living will.
3. Establish a Living Will
Your living will is a document that lets your family know the medical choices that you want to be made for you if you are not able to speak or represent yourself. This includes what type of end of life care you would want to receive.
Work with an estate planning service to ensure that you have all the right documents and protections in place to convey your wishes should you be injured and unable to speak for yourself as well as your wishes when you die. Make sure that you have set-up to provide for your family with your estate plan.Share
3 June 2018
Accounting is the absolute most important element of running a business. If you mess up the bookkeeping even the slightest bit, the entire business could be in trouble. I know how costly a small bookkeeping error can be. About three years ago, I made a seemingly small mistake in the financial records for my business and the next year when I filed my taxes, things were very bad for me. What would have required a small tax payment had suddenly turned into a big tax bill and quite a headache. Since then, I have worked with an accountant and things have been better.