Getting Your Finances in Order for a Better Future


At any age, it is difficult to imagine a time when we will be unable to care for our finances, let alone ourselves. Most of us want and enjoy being self-sufficient and in control of our lives. We certainly don't want anyone finding out about our financial dealings. But what if you became suddenly ill or incapacitated, either mentally or physically? Who would manage your money, pay your bills, and ensure that you had adequate healthcare? Are you and your family ready to deal with the fact that you can no longer manage your finances?


XEM THÊM :

Chỉ dẫn cách chơi catte nhanh thắng nhanh ăn


Start gathering your finances and other important documents when you can still think clearly and are in reasonably good health. 

Important Questions to Ask Your Designated Caregivers

What would your designated caregivers need to know to care for you and your financial affairs if you were hit by a bus and became both mentally and physically incapacitated?

1. Do you have a power of attorney in place?

A durable power of attorney specifies who will handle your affairs if you are unable to make decisions for yourself due to mental or physical incapacity. You can appoint one person to handle decisions about care (the health care proxy) and another to handle financial decisions (the financial proxy), or you can appoint the same person to handle both roles. Without a durable power of attorney, your key caregivers will have to seek guardianship in order to access your accounts. This will take time and could turn into a legal nightmare.

2. What are your monthly outgoings?

To avoid penalties or worse for failing to pay your monthly bills, provide your designated caregivers with a list of your monthly expenses, which should include your mortgage, car payment, credit card debt, electric and water bills, and other expenses.

3. What are your bank account numbers and financial institution names?

What do you do with your money? What are the specifics on each account number, including the bank's name? What is the name of your mortgage company? Do you own an investment company? Consider consolidating your accounts into one or two primary financial institutions as a best practice to keep things simple.

4. What is the location of your financial records?

Where do you keep your financial records? Do you store them in a bank, a safe, or a special location at home? Where can I find keys or codes for lock boxes or safes? What are the most important passwords for major online resources? Maintain a secure and central location for all key documents if at all possible.

5. How do you currently pay your bills?

Do you have automatic withdrawals from your checking account? Do you pay your bills online or with paper checks?

6. How much money do you make each year and where does it come from?

Do you get a monthly pension or Social Security? Do you receive dividends or annuities from your investments? Do you receive disability, government benefits, or other forms of assistance?

7. What type of medical insurance do you have?

Do you have employer-provided health insurance? Are health benefits included in a pension if you are retired? Do you have Medicare or Medicaid supplements?

8. Have you considered purchasing long-term care insurance?

A "standard" health insurance policy will not cover the cost of assisted living or nursing home care. Do you have long-term care insurance to cover the cost of those homes? If not, and you can no longer live on your own, how much housing can you afford?

9. Do you work with an accountant or a financial planner?

Who is it, and how do you get in touch with them? Have they made any plans for their estate? Do you have a Will and/or a Living Trust in place?

Plan ahead of time to avoid major issues later. Ensure that your legal and financial documents are organized in a safe and secure location, that their content and location are communicated to your designated caregivers, and that all communication is clear and direct. The more prepared you are, the easier it will be for others to focus on your well-being without having to endure the emotional and legal nightmare that will await them if you do not. Being prepared for the unavoidable is one of the greatest gifts you can give yourself and your loved ones.








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