3 Considerations When Planning Your Golden Years
If you are considering getting all of your personal affairs in order, you have made a very wise decision. It's very important for your loved ones to know what your personal wishes are for handling your estate and to make sure that even your burial is handled in the way you desire after you pass on.
Living Arrangements - It's extremely important for spouses to talk to each other in determining how they want to spend their older years. If you are planning to remain in your present home, it would be helpful to have a notebook that contains important information pertaining to it. Keep warranty information, phone numbers for repair companies you've used, and even key codes or lock combinations.
If you feel that your house will be too much trouble as you get older, decide where you want to live, either together, or when one of you is widowed. Making these decisions yourself when you are of a sound mind assures that you will be living in a place you selected yourselves.
Your Financial Wishes - Decide together how you want to spend your money in your retirement years. Do you want to travel? Are you wanting to contribute to grandchildren's college expenses? Do you have a charity that you would like to help support? What kind of a financial inheritance do you want for your children? What about valuable jewelry, coins and your other belongings? Do you want to pre-pay for your burial expenses?
Hire An Attorney - Hiring a professional will give you the peace of mind that you have not forgotten anything. Pick an attorney that has experience in estate planning. Be sure that you are treated courteously and professionally by the attorney's staff office team.
After your initial meeting, ask yourself if you have a clear picture of how things are going to be handled. Did you feel that you and the attorney communicated well with each other? Make sure that you understand the fees you will be asked to pay. Be sure that there are no hidden fees and make sure that everything is in writing. Estate planning involves living documents that need to be reviewed and updated periodically. Will there be a fee for this service?
Your attorney can also be sure that other aspects of your life are passed on to your loved ones. For example, if you want your children and grandchildren to receive personal letters at the time of your death, your attorney can handle that. Your personal philosophies and other personal information can also be passed on to designated people. This is especially important when your loved ones are planning your funeral services.
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