6 TIPS FOR PLANNING AHEAD How do you eat an elephant? One bite at a time, of course. The task of “getting your affairs in order” can be overwhelming. Perhaps you know that it involves pulling paperwork together, and maybe even talking to a lawyer. But where do you start? Here are a few suggestions:
1. Who do You Love?
Ask yourself: who am I making this plan for? Let me help you eliminate one person—you. Estate planning isn’t something you do for you, it’s something you do for the people you love.
2. Who Will Care For You?
Review your answer to Number 1. Are any of these people capable of caring for you if you become feeble or disabled? The fact is, a nursing home in Alabama currently costs around $6,000 per month. Consider long-term care insurance (even a little bit) and asset protection planning as part of a comprehensive estate plan.
The River Region’s 50+ Lifestage Magazine
3. Decide Who Will Be in Charge
You need a Durable Power of Attorney (“POA”). If you lose the capacity to manage your affairs, one of two things will happen. If you planned ahead, then the Agent you hand-picked and named under your POA can step in and handle your affairs. If not, then your family will need to ask the probate judge to appoint a conservator to manage your assets.
4. Name a Healthcare Agent
You may assume that if you’re ill and in the hospital, your spouse or next-ofkin automatically has the right to make decisions on your behalf. The fact is, they don’t. Every adult should have an Advance Directive and/or Healthcare POA in place stating who will make healthcare decisions if you can’t.
important papers, and listing the name of your accountant, financial advisor, attorney, etc. in order to make their task a little easier.
6. Do Something
Of course, this list contains just a few suggestions. The point is to start by doing something, anything to work towards your goal. While most of us leave estate planning for tomorrow, the fact of the matter is that we don’t know whether tomorrow will be too late. So what are you waiting for? Raley L. Wiggins Attorney at Law, Red Oak Legal, PC 334-239-3625 | info@redoaklegalpc.com 401 Madison Avenue, Montgomery AL 36104 www.redoaklegal.com
5. Write a Letter of Instruction
Once you have a Last Will and Testament in place, take it a step further. Write a letter to your executor in plain English telling them where to find your
R i ve r Re g i o n B o o m . co m
May 2014
BOOM!
19