Hello and welcome back to the Naples Life Insurance & Annuity Advisors blog! With the new year often many are looking to get their life together through exercise plans, making time for their priorities, and other self-improvement means. However, how many, when making New Year’s resolutions, think about getting their affairs in order? Probably very few. Getting your affairs in order is important for anyone of any age and crucial for preparing for the future. Though getting prepared for the future can entail different things for different people, here are some general steps
Will & Testament
The legal document that tells what happens to your property, guardianship, and the name of your executor who will carry out your wishes. It will also tell more about what to do with your finances, debts, and anything else that you own. Though writing a simple will is pretty easy, it is best to do your research beforehand and possibly seek legal advice. Thankfully, there are online resources that can, for under twenty dollars, provide you a template that can make sure you are on the right track. To make your will legally binding, you will need to have the signatures of two witnesses and get it notarized.
Will & Testament Basics
- Dictates what happens to your finances, debt, and other property
- Tells who will gain guardianship of your children
- Indicates the name of your executor
Outline Your Memorial Service or Funeral
Next, you need to outline what you desire for your funeral or memorial service and all other specifics such as your burial preference. This, like writing a will, isn’t pleasant or fun, but it can give you great peace of mind knowing that you will have everything in order which will be a comfort to your family. Once you’ve decided how and where you would like to be buried, you should record in writing your requests for your funeral. Once you know these two aspects, you can make plans for your funeral expenses. In some cases, you can prepay for your funeral expenses or, better yet, invest in a life insurance policy that dedicates a certain amount of funds towards your funeral expenses.
Memorial Service or Funeral Basics
- Specifies burial preferences
- Outlines your funeral wishes
- Is a plan for funeral expenses
Make a Plan If You Become Ill or Incapacitated
Power of Attorney
If you become ill or incapacitated, you and those who are closest to you will need to make a plan. First, you need to designate your power of attorney or, in other words the person who will be making any financial or legal decisions. If you do not name a power of attorney, your executor will become your power of attorney. They also become your power of attorney if the person you have designated as power of attorney has died. There are also various types of powers of attorney including a durable power of attorney who becomes responsible as soon as you are declared incompetent or incapacitated. You can designate your power of attorney through online services, but if you have more specific requests that limit your power of attorney’s abilities you may have to seek a lawyer.
Power of Attorney Basics
- Designate someone to be your power of attorney or your executor becomes your power of attorney
- There are a few different types
- You should seek legal advice if you have special requests or limitations
Another aspect of preparing for the possibility of being declared incompetent or incapacitated is to have a living will in place. Your living will indicates whether you will be resuscitated and under what circumstances. Also, it allows you to choose what medical care you will receive if you are unable to speak for yourself. This document will also designate whether you will be donating any of your organs to science. To make your living will legally binding, you need to have the signatures of two witnesses and have it notarized. Also to note, if you do not wish to receive CPR or ACLS, you must fill out a separate document called a Do Not Resuscitate order.
Living Will Basics
- Indicates what medical procedure you will receive if you can not speak for yourself
- A Do Not Resuscitate order is a separate document to be filled out with your doctor
- To make sure your wishes are respected, you may want to designate a medical power of attorney.
Having your affairs in order in Naples is incredibly important not only for your peace of mind, but also for the peace of mind and benefit of those you leave behind. If you would like to learn more about getting your affairs in order this new year, read our next blog. One aspect of having your affairs in order is investing in a viable life insurance policy. To learn what is right for you, contact Naples Life Insurance & Annuity Advisors. We have the experience to help you find an investment product that will fit your needs and give you peace of mind.