Money Talks News: Estate planning you need to do today - News, Weather, Sports, Toledo, OH

Money Talks News: Estate planning you need to do today

(Source: Money Talks News) (Source: Money Talks News)
Money Talks News -

There are things we do not get around to in our daily lives that can make a big difference to our loved ones.

Emergency fund? Check. Retirement plan? Got it. Insurance? Yes. Now you are ready for anything life can throw at you.

However, what about death? Americans seem more prepared for things that might happen, like an emergency, than they are for something that will happen, like death.

According to a survey by Rocket Lawyer, 41 percent of baby boomers do not even have a will.

This is shocking, especially since preparing for death is way cheaper than building a retirement account or emergency fund and does not take much time at all.

There are just a few documents you will need. You can get them all from a lawyer, or if money's tight, go online and get them for a fraction of the cost.

The first document you will need is a will. It tells the world who gets your stuff and your minor-aged children.

Next, you will need a financial power of attorney. That states who is able to make money decisions if you cannot.

You will also need a healthcare power of attorney which states who is going to make your healthcare decisions if you are not able to.

While an attorney is probably the best solution, you can get all this stuff in a $30 box of software or inexpensive online forms.

Although a will and powers of attorney are not all you need, it is a good start. It is great to prepare for things that might happen, but hopefully now you will do a little preparation for things that will happen.

If you would like additional information it is waiting for you on the Money Talks News website with a search for "Estate Planning." 

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