As you age and approach death, it is important to clearly communicate to your spouse, your children, or other heirs. They need to know what assets you have, how they are set up, whether they are tax-qualified or have already had taxes paid on them, where to locate the accounts or documents, and if there is any special provisions that are triggered at disability or death. They also need to know what your wishes are regarding the assets. Do you have a will or trust? Is there any charitable provision in your will or does everything go to heirs? What happens if you cannot handle your affairs at some point? Is there a power of attorney in place? What happens if healthcare decisions need to be made on your behalf?
In Case I Die - Planning...why does it matter?
September 06, 2022