Safeguard Your Family’s Future
Almost everyone has a family story about what happened when Grandpa got sick and eventually passed away, and there wasn’t a will. Or, worse yet, there was a will, but its stipulations were dramatically different than everyone expected. In either case, chaos can ensue, with family members first arguing over Grandpa’s care, then vying over any remaining assets. (And if you think your family is too close for arguing to happen, think again! Nothing tears families apart like negotiating an estate.)
A 2019 Caring.com survey revealed that only four out of every ten Americans aged 18 or older had a will or trust. Eventually, most Americans get around to making a will, although younger generations are far less likely than older people to have done so. But think about that. Younger generations are also the ones making some life-altering decisions, like having children or buying houses. What happens if the worst happens?
Nobody likes to think about the inevitability of their own death, and the tasks of getting the right legal documents in place often seems daunting. Isn’t it expensive? Do I need a lawyer? What do I even need, and why?
When it comes to safeguarding your family’s future, though, there is one general rule: The more planning you do now, the more you can reduce your family’s burden later.
FamilyWorks has an entire section of resources devoted to age-specific planning, but a good place to start is to consider the four documents that absolutely everyone must have in place, according to Care.com:
These documents are the bare minimum if you want to protect your family should something happen to you.
1. A will, including a designation for who gets your assets and who becomes guardians of your children. No one will better know the ins and outs of your particular state’s laws like an estate-planning attorney, but there are a number of online will-making tools to help you get started if attorney’s fees are prohibitive right now
2. A living will, which dictates what happens if you’re put on life support. Do you want to remain on life support indefinitely? What happens if you’re in a coma, or a persistent vegetative state? This is definitely one of the decisions that both break family members’ hearts and pit them against each other, as each tries to decide what is best in an already-heartbreaking situation.
3. A medical power of attorney, or a person who helps to interpret your wishes should you be incapacitated. If you are unable to make medical decisions for yourself at some point—say if you’re unconscious or in surgery—this person knows what you want and communicates with your medical team to make decisions that respect your wishes.
4. And a financial power of attorney, who handles your estate if you’re incapacitated. This person will handle things like assets, investments, taxes, etc., if for some reason you’re no longer able to.
It’s never too early to start planning, and never too late to get it done. Whether you’re wealthy or not, have five children or none, you need to be prepared for emergencies and even death. And you’ll probably feel greatly relieved at having made those plans, and done what you can to protect your family once you’re gone.