A long and happy retirement isn’t the only possibility you may want to consider. What if you were disabled or faced a devastating illness? Who would care for you or handle your finances?
Plan for the unexpected Everyone knows that age may bring infirmities or other unexpected events, but few people plan for them. It may be wise to talk about these matters with your family, financial advisors, and lawyer long before a situation arises.
Put what you want in writing If you were in a coma and your condition was hopeless, what would you want your family to do? Preparing a "living will" that explains your wishes could simplify decision-making at a difficult time. Ask your lawyer for assistance.
Who will get the money? Over the years, you may have signed many beneficiary forms for IRAs, employer retirement plans, or insurance policies. If your situation has changed over the years (marriage, children, divorce, death in the family), you might want to review your beneficiaries to make sure they reflect your current wishes.
Wills and estates Many people are surprised to learn how high estate taxes can be. If you want to pass money along to your heirs or others, consider the potential advantages of wills, trusts, and other forms of estate planning.
