And planning for either is no fun. Although most of us don’t want to face our own mortality, it’s a fact of life. The reality is that your affairs need to be handled sooner rather than later. Regardless of whether you have 10 months or 10 years left, it’s important to plan for the future because it might be closer than you think.
The last thing you want to do is leave your loved ones high and dry. For the sake of both you and your nearest and dearest, it’s important to be proactive. It’s better to be safe the sorry.
Among the most pertinent decisions are the care that is to be given, documents to be filed, plans for finances and estate, and wishes and fears. Whether you are planning for the end of your life or the life of a loved one, it can be hard to talk about what might happen in the event of incapacitation or sudden death. However difficult the discussion might be, not having it could be even more detrimental down the line.
With no plans in place, the final say could fall upon a family member to decide about care, treatment, documents, finances and final wishes. Leaving someone to make those choices without the input of the individual in question might cause additional problems, like infighting among the family or mishandling of final documents.
In order to help prevent such situations, here are five decisions that should be handled today for a less painful tomorrow.
5. Your Estate
What exactly goes into financial planning for the end of life? Many people don’t know the differences between a Last Will and Testament, a Living Will and a Living Trust. For example, a Living Trust might be part of your estate planning because it can shift ownership of assets to someone else while the person at the end of his or her life is still living. However, choosing from these documents could be best decided with a lawyer or accountant.