When it comes to estate planning, everyone has a plan to pass on their stuff when they pass away. The difference is if you don’t choose an estate plan yourself then it is selected by the state you live.
One of the most important things you can do is have your powers of attorney done and updated. Even if you’re not sure who it needs to be right now, it’s way more important to have it done than who it is. If not, then you will be treated like a child without parents before the court system, and someone will need to get a conservatorship to act on your behalf. It’s a complete mess if you don’t do this and easily done for only $75.
Next, make sure you have beneficiaries on all of your accounts. Doing this helps to make sure your stuff all goes to the right place after you pass away.
So many things that can spring up on you will easily be handled if you have a plan in place before it happens.
Watch the video to hear a story about someone who did not have all of the estate planning details in place and how much headache it causes compared to someone who had their plan set already.