Estate Planning – You MUST Do These Things Before Getting Old!!!
Before you get too old. Do your kids a big big big favor and tell them a few simple things that will make life easier for them and yourself. Don’t wait until it is too late to take care of your finances. Start now!
After spending the last few weeks trying to help my husband sort through his elderly parent’s finances I have come to realize that we must take care of this stuff before we get old and not after. Countless calls to a lawyer and many grey hairs later I am ready to share with you my list of things that you should do before getting old.
~ Where your money is – What bank? Do you have more than one bank? Put their name on your accounts. (Yes, all of them!)
~ Who to contact for life insurance – Also, how much is the policy worth? Does it have a cash value in case you have medical expenses and your kids can draw against it?
~If you have long term care and who it is through – How much does the policy pay per day? Who do you contact in order to get it started? How long is the grace period?
~ Where your annuities are located – Put your kids name on the annunities and your IRA.
~ If you have CDs at the bank – How much are they worth and what bank.
~ Where your investments are and who to call to access them – Do you have more than one investment? Maybe stocks and bonds?
~ Where the car titles are and where the deed to the house is kept – Put your kid’s names on the title to the home as well as the car, boat, motorcycle, and that piece of land you bought and never got around to building on.
~ Write up your will and decide on a power of attorney and give a copy to the bank, your doctor, and lawyer.
~ Give your kids copies of your insurance cards along with doctor information.
~ Have a living will? You should!
Don’t leave your family to spend night after night trying to decipher what’s what in your life and where to go next for answers. You might not realize how much of a hassle all this can be but save your family the trouble. They are already going through you being sick or dead don’t let them do all this stuff too!!!!