Monday, February 6, 2017

Taking Care of Business - Part 2

Author's Note:  In part one of Taking Care of Business the true purpose of life insurance was discussed.  You do not insure life, you assure income.  You assure/insure that income against loss just like you insure your home or car against loss.  Again, I am not a financial agent of any stripe.  What I write about is drawn from various periodicals.  But know this .........

These things are necessary to protect your family.  If you expect another person to shoulder your burden or the government to support your family, you are deluded.  Especially in this age.  

Drawing up a Will, a Last Will and Testament keeps a variety of wolves from your Estate's door.  Within the Will, you name an Executor. And, the Will lays out how you want your Estate dispersed.  The Executor is in charge of fulfilling the wishes you put forth in the Will - who gets what and when.  Usually spouses will name each other as their Executor. The next choice is an adult child you trust.   
Dying intestate, without a Will, can be a real pain in the ass.  The government, AKA the courts can take over your Estate.  They will determine who gets what of your stuff.....this can take years and can cost big bucks in legal fees and court costs to your potential heirs.  This nightmare happens when one spouse dies and the survivor does nothing (do not rely on the idea that jointly held property cannot be touched).  There is more.  Life should be so simple............

A Durable Power of Attorney is necessary to take care of your finances when you are not capable of doing so.  Like paying your bills.  Usually, spouses will name each other for this responsibility or a responsible adult child.  Then again, it is not uncommon for an outsider with no vested interest to be named as Power of Attorney.  Whether you are on a 6 months cruise or lying in a hospital bed, bills need to be paid.  This need is greatly magnified when it is an individual in need.  

A Medical Power of Attorney appoints an individual to make medical decisions for you when you cannot.  The appointment is similar to the above.  However, care must be taken.  The person you choose for this position should agree with your point of view.  This is something not to be taken lightly.  

A Living Will states your final intentions about yourself - if dying, let me resuscitation.  No so-called "heroic" efforts made by the medical establishment with the exception of things needed to keep you "comfortable," AKA, medication for pain.  Or what you want in varying degrees, such as organ donation, one time resuscitation, etc.  

                                                  Copyright @2017 Terry Unger 

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