As we move towards the end of the year, we’re looking over checklists for items that need some attention, and while it’s not specific year-end planning, now is a great time to address your estate plan.
The fact is only 33% of Americans have an estate plan and only 43% have a will. Those numbers might be shocking, but the reality is many people just aren’t giving this critical piece of planning enough attention. So as you get things in order for the end of the year, let’s spend some time talking about why you need an estate plan.
Here’s some of what we discuss in this episode:
What does a financial will do as opposed to a power of attorney and living will.
The role the power of attorney plays and why it’s arguably the most important document when you are living.
The five different types of power of attorneys and what they cover.
What happens if you get sick or disabled without a power of attorney?
The purpose of the living will and the purpose of the last will and testament.