Have you ever thought about what would happen to your family if you were to pass away today? Do you have a process in place to make sure they are taken care of? A living trust is one of the most important legal documents that you could have to protect your loved ones if anything were to happen to you. If you don’t already have one, here’s why you should:
When you were young, “senior” was a magical word. As a high school student, senior meant that you were top dog, king or queen of the campus, and you were unstoppable. When you were in college, senior meant you had made it through all of your school years and you could finally walk away with that paper that would get you that job in the real world. Once you get to the next senior status, why would you ever be bummed? It should be that next magical moment in your life with all the privilege that the word suggests. You are the respected, the experienced, and you are ready for another adventure! That new magical number is no longer 18 or 21, it is 55 and that is when the discounts and the privileges start!
A friend’s mother recently turned 70 this last week. She is in great health and spirits and very independent. She still lives in the home that she raised her children in, and that she shared with her loving husband before he passed away. She has decided that her home is just too big for her needs and has decided to buy a smaller condo that will require less maintenance and allow her to focus on what she thinks is important: spending time with family, and playing bingo with her friends.
She is quite prepared for the future, and has all of the necessary documents prepared for the distribution of her worldly wealth and possessions someday in the future. Yet now she is downsizing and will be giving out some of the items in her will before her will is executed.
After the walk down the aisle, the night dancing with your new family, and the week on the beach wrapped in each others arms the last thing on your mind is probably the future of your money. Weddings are expensive adventures, and at this point your pocketbook can be telling you things you don’t want to hear. It is time to get back on track and start planning for your financial health and security together (if you haven’t already). So where do you start?
Discussing your estate with your heirs can be an emotional and exhausting process but it is important that your loved ones are prepared to carry your torch when the time comes. You have spent years saving up and investing and with every penny you pass on comes a greater responsibility for your heirs to carry on the family legacy. That adventure can be positive if they have been properly prepared. Talking about the details of your will with those loved ones who will be taking on your estate can make the entire process much less stressful and much less painful for them. Instead of painstakingly reading your will for the first time when you pass, your heir will have an understanding of your intentions and can better carry out your wishes.