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Rainy Day – Things You Put Off

Rainy days are nice to catch up on things you put off or to enjoy doing absolutely nothing.  They can be great days to relax and refresh, and gather all the miscellaneous tasks you never seem to get to. 

There are some tasks that should not be held off for those rainy days, tasks that are too important to put on hold. Planning for you and your family’s future is not something that can wait to be done. By planning now, you can lay out all your wishes and ensure they are followed. Some things you could consider planning out include:

  • Who you would name as a healthcare agent – this role is given to a person you trust to make medical decisions for you if you become unable to make them for yourself;
  • Who you would grant HIPAA authorizations to – these authorizations enable your loved ones to obtain information from medical professionals, which is necessary if they must make a medical decision for you; and,
  • What types of treatment you would like in different scenarios – whether you would like to receive life support, artificial feeding, or be resuscitated are all personal decisions and decisions that may change depending on what situation you are in. These are included in advanced directives or living wills and provide information to your loved ones in the event they must make choices for you.

You could also consider some of the details to your financial plans, such as:

  • Consider who you would name as a financial agent – this role is granted to someone you trust to make financial or legal decisions for you if you were no longer able to make them for yourself;
  • Gather information – having an idea of the different bank, investment, and retirement accounts you (or your spouse) have, whose name the house and any vehicles are titled in, and what kinds of insurance you have, can make it easier to plan and easier on your loved ones if they ever have to take control; and,
  • Consider who you would like to inherit, when you would like them to inherit and how – for some this may be an easy decision, you’d want everything to go to your spouse or equally to your children. For others, more thought may have to go into it. Would you want your children to receive equal shares? Would any of your potential beneficiaries need financial advice before receiving a lump sum of money? If they are younger beneficiaries, would you even want them to receive a lump sum or would you rather any inheritance be held in trust until they are at a point where they are fiscally responsible to handle it. 

Our firm has always stressed the value of proactively planning. Having a personalized plan in place can help prevent unnecessary stress, expenses, and disputes. It can also make sure your wishes are carried out and make it easier on your family should the need for them to step in arise. Instead of waiting for that rainy day, you can find out more about how to plan for you and your family by contact our office to set up a complimentary initial consultation, (248) 409-0256.