When it comes to long-term financial planning, there are decisions that can be hard to make either because they can be uncomfortable or because they may not seem very pressing. However, talking about final wishes and arrangements is important if you want to take care of your family after you are gone.
Some of these uncomfortable questions include discussing whether or not (and how long) you would like to be kept on life-supporting equipment if the situation arises.
Do you have preferences about your final resting place?
If you do not make these choices in advance, your family will have to make these decisions later on. To ensure all plans have been made in advance, it could be helpful to meet with a legal and financial advisor.
These advisors can help you with:
- An advance directive, which will inform your family about your end-of-life medical treatment if you are unable to communicate.
- A power of attorney, which will appoint a person of your choosing to make decisions on your behalf. This may be a spouse, child, or someone outside of your family, like a friend or lawyer.
- A will. This document will tell survivors of what you wish to be done with property, estate, children, and more. For instance, you may want to assign someone to care for your pet. Likewise, you can divide up your assets to whom you wish.
You may also consider having a conversation with your family now about the plans you wish to be in place, should you be unable to tell them later.
Planning ahead can make sure there aren’t any questions left unanswered when your family is taking your final wishes into account.