When you are healthy and independent, it can be hard to imagine a life where you cannot make decisions for yourself. Change, however, can happen suddenly and it is important that you empower your family to speak for you if you have an accident or a serious illness. Talking with your loved ones now and proactively planning for the future is the best way to ensure that your desires will be respected.
As a caregiver, you take on the emotional struggles of day-to-day life, but you must also deal with the practical, everyday tasks of making sure everything is up and running. If your loved one cannot provide for his or her own personal needs (e.g., dressing, bathing, clothing, medication management) or manage his own financial resources (e.g., pay bills, manage a checkbook), then as a caregiver, you become responsible for all of these tasks.
If you become unable to manage your assets due to health reasons, you can voluntarily resign or be removed as trustee by a doctor’s note. Who can you lean on to help you?
Learning about estate planning can be confusing since there is so much misinformation out there. Simply, estate planning allows you to legally appoint agents to act for you if you cannot act for yourself, and it allows you to document your wishes as to your end of life decisions, and how you would like your belongings to be distributed to your heirs at your death. It does require some time and effort to put in place; however, getting it done will give you peace of mind knowing that your affairs are in order.
The primary goal of retirement planning is to maintain roughly the same living standards. However, achieving this goal can be challenging without a proper retirement plan. So how can you achieve financial security and happiness after retirement? Here are the top 3 ways.