If you’re someone who thinks about your finances a lot, you can’t help but consider the future.
It’s important to concern yourself with being financially comfortable now, but you also have to consider the future and what might happen when you get older.
None of us can escape the inevitability of aging, and we all have to think about matters such as how we’re going to pay for any necessary care and what will happen to our estates when we die.
Estate planning is something that many people will put off, telling themselves that they can always do it later, but you don’t want to leave it too late.
Plan for illness, disability, and long-term care
Most of us can expect an increase in medical expenses as we get older. Your aging body is more likely to experience various issues, from declining sight and hearing to dementia and cancer.
Even if you don’t ever become seriously ill, you might require extra medical attention and care.
You can prepare for this in several ways, including creating a living will or advanced directive to set out the type of medical care you would like to receive.
You can also set up a power of attorney to give someone the legal right to make financial decisions for you.
Write a will
Writing a will is usually an important part of preparing for the future.
You can decide what happens to your wealth when you die, whether it’s passing it on to family and friends or giving it away to family.
For a simple will, you can find templates to use and get most of it done yourself.
However, when your financial situation is more complicated, it makes sense to have some legal help to make it easier to put your will together and make sure it’s all watertight.
Plan for your funeral
Writing a will isn’t the only way to use your finances to protect loved ones once you’re gone.
A glance at an average funeral cost breakdown should highlight the importance of taking control. After all, forking the bill for a few thousand dollars is the last thing your family needs while they’re grieving.
Aside from the financial elements, you may consider planning the venue, headstone, flowers, and other features.
The knowledge that your family will be able to focus on grieving together rather than feeling stressed is a gift greater than anything money can buy.
Set up a trust
Setting up a trust (or several trusts) can be a good idea if you want to save time, reduce paperwork and get your estate planning organized.
It’s a good idea to use an estate planning service from a company like Anchor Law Firm if you’re considering setting up a trust so that you can get everything squared away properly.
You can set up different types of trusts, from revocable living trusts to charitable trusts.
You can even set up a trust for your pet if you want to make sure they’re provided for after you’re gone.
Protect your business
When you’re a business owner, it can complicate preparing for the future.
If you want your business to continue after you have died, you need to make plans for it.
A business succession plan will help you to prepare, and you can do this alongside your estate plan when organizing your personal finances.
You can make arrangements to have your business pass to a new owner, whether it’s something you do while you’re still alive or something that will happen after you’ve gone.
If you want to protect your finances, you have to think long-term. It can help you to ensure your family is cared for too.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)
