Importance of being prepared
Entire family benefits from end-of-life planning
It probably goes without saying that, for most of us, it’s difficult to talk about end-of-life issues.
When we do face these issues, however, we not only help ourselves but our family members, because they are the ones responsible for carrying out our wishes if we become incapacitated or after we pass away.
Important steps you can take to prepare for your final transition include:
- 1. Naming a durable power of attorney
This allows someone else to make decisions for you if you reach the point where you aren’t able to do it yourself.
2. Having a will prepared
A will usually describes your desires about what will happen to your possessions, such as who gets what. You also may want to name someone to take control over paying bills and disbursing money. This person is called an executor.
3. Completing advance directives
Advance directives tell your family members, doctors and hospital staff which medical procedures you are comfortable with and which procedures you do not want to have done.
4. Naming your beneficiaries
If you have life insurance policies or investment accounts, it’s a good idea to make sure the people and/or organizations you’ve listed as beneficiaries reflect your current intentions.
There’s no better time than now to talk to your family about long-term care options, medical matters, legacy issues and funeral planning. Even though the conversations may be uncomfortable, everyone involved will appreciate knowing your wishes.