Expect The Unexpected
May 7th, 2014
Even with advanced notice of a catastrophic health condition, this type of planning is often a topic that no one wants to talk about. In the ordinary course of life, we go to work and carry on as if we’ll be doing it forever. No one wants to plan for their own disabling injury or pre-mature death. Even with advanced notice of a catastrophic health condition, this type of planning is often a topic that no one wants to talk about.
A recent article in The Patriot Ledger, “MAKING CENTS: Make a plan for the unexpected,” suggests that one’s financial affairs should be organized as if today is the day that your life changes forever, and you are as ready as possible. It states that the starting point is building a reserve of cash.
Take a little time and make it easier for your loved ones to find things. Make a list of important papers like insurance policies, deeds to homes, a list of passwords, loan documents, the location of any deposit boxes or lists of financial accounts. Keep them organized in one place, and let your spouse or heirs know where everything is.
The article also counsels to scan important papers and save them in an obvious location on your computer, with a separate backup disk.
Estate planning is not the type of legal service that any generalist attorney knows well. Use a qualified estate planning lawyer to set up the right documents that are appropriate for your specific circumstances.
Reference: The Patriot Ledger (April 20, 2014) “MAKING CENTS: Make a plan for the unexpected”