Tick it Off Your Bucket List

by | Retirement

As we get older, it’s essential to start thinking about the future and getting our affairs in order. This isn’t just about planning for the inevitable but also about making life easier for your loved ones and ensuring your wishes are respected. Whether you’re in perfect health or facing some challenges, taking steps now to organise your affairs can bring peace of mind. 

Why Should You Be Prepared?

Getting your affairs in order means having your legal, financial, and personal documents organised and easily accessible. It ensures that your wishes are carried out and that your family isn’t left scrambling to figure things out during an already stressful time.

Key Reasons to Get Your Affairs in Order

  • Peace of Mind: Knowing that everything is taken care of can reduce stress and anxiety for you and your loved ones.
  • Avoiding Confusion: Clear instructions prevent misunderstandings and disagreements among family members.
  • Legal and Financial Protection: Proper documentation ensures that your assets are distributed according to your wishes and that your medical care preferences are known.

Legal Documents

Your Will

While you can write a will yourself, hiring a professional will writer ensures that all legal requirements are met and that the document is clear and legally binding. Will writers can provide valuable advice and help you avoid common mistakes.

Power of Attorney

A power of attorney (POA) gives someone you trust the authority to make decisions on your behalf if you’re unable to do so. 

There are different types of POA:

  • General Power of Attorney: Covers a wide range of decisions.
  • Medical Power of Attorney: Specifically for health care decisions.
  • Financial Power of Attorney: Specifically for financial matters.

Living Will and Health Care Directives

A living will, or advance directive, specifies your wishes regarding medical treatment if you become incapacitated. It can include preferences for life-sustaining treatments, pain management, and organ donation.

Trusts

Trusts can be used to manage your assets during your lifetime and after your death. They can help avoid probate, reduce estate taxes, and provide for loved ones in a controlled manner. Consult a legal professional to see if a trust is right for you.

Organising Financial Documents

  1. Bank and Investment Accounts

Make a list of all your bank accounts, investment accounts, and any other financial assets. Include account numbers, contact information, and any online login details.

  1. Insurance Policies

Gather all your insurance policies, including life, health, home, and auto insurance. Make sure your beneficiaries are up to date.

  1. Retirement Accounts and Pensions

Document all your retirement accounts and pensions, including any details about payouts and beneficiaries.

  1. Debts and Liabilities

Make a list of all your debts, including mortgages, loans, and credit card balances. Include contact information for your creditors.

Conclusion

Getting your affairs in order is a thoughtful and loving act that can significantly ease the strain on your loved ones. By organising your legal, financial, and personal documents, you ensure that your wishes are respected and that your family has clear guidance. Remember to consider professional help to make sure that everything is done correctly.

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Chief Inspiration Officer, The 50 Plus Coach.