No one likes to dwell on the possibility that a serious accident or illness can suddenly take them from their loved ones; however, it can happen. If that occurs, are you prepared? What will happen to your children? Your bills? Your finances? You? With just a small amount of preparing, you can ensure that all of those issues are covered in the event of your sudden death or incapacity. Consider the following planning list:
- Guardianship of your children – be sure to nominate a guardian in your Last Will and Testament in the event that both you and the other parent are not able to retain legal custody of any minor children.
- Power of attorney – execute a financial durable power of attorney that gives a family member or close friend the ability to access your finances in the event it becomes necessary.
- Create a list of documents – create a list that includes bank account information, insurance policies, retirement accounts, and any other assets that you own. Be sure to include information about where the original documents can be located.
- Medical decisions – execute a living will, or similar document, that expresses your wishes regarding medical treatment in the event you are unable to express those wishes at some point in the future. You can also designate someone to make decisions on your behalf.
- Little details – make sure that you also create lists for pass words, health insurance information, and other details that you need every day but that someone else would not know.