Managing your finances can be a difficult task for some. There is much more that goes into preserving your present bank account, planning for your future, and making sure there are no mistakes along the way. Luckily, working with professionals can assist those who are struggling to organize their finances.
Consulting with an estate planning attorney, no matter the situation, can help anyone organize their capital in a stress-free way. Here are a few estate planning services that a professional can help with:
- Advance Directives — This will help avoid confusion later on in life and allows for you to write out your plans about end-of-life care.
- Health Care Proxy — This gives power to another person to make decisions regarding your healthcare if you are incapable of making them yourself. Just under 40% of adults have a healthcare power of attorney.
- Wills — Having a will is very important, but still 41% of Baby Boomers and 55% of all American adults currently do not have a will, according to LexisNexis. Consulting with probate lawyers can assist you in the will process, which can take up to two years to go through.
- Help Secure Elderly Family Members — Elders who are struggling with mental illnesses should be properly taken care of. Financial abusers target elders all the time. A Metlife Mature Market Institute study determined that nearly $3 billion is exploited from elders every year. Working with professionals to secure their assets can stop this.
- Funeral Arrangements — Planning a funeral is very difficult, having the arrangements planned beforehand can help families during the grieving process.
- Body Bequest Authorizations — If you chose to donate your organs, planning everything out can make it a much easier process.
There are still many more items that should be a part of your estate planning checklist, but this can be a good start. Working through many of these decisions can be very taxing, but the peace of mind you’ll have knowing your family will be taken care of in the future will be well worth it.