Unfortunately, no one lives forever. As New Yorkers age, it is important to make plans for the end of their life. These plans should include retirement and estate planning. In spite of this, CNBC reports that 45 percent of Americans 55 years and older do not have a will.
This is despite the fact that the respondents in the study cited generally agreed that by 50, people should have an estate plan in place. In addition to this, nine out of 10 people also stated that they were open to discussing their end of life plans with family and friends. This important step can do wonders to prevent family feuds after a passing.
It is important to note, however, that there are other important aspects of estate planning. Here are some of the basic recommendations from CNBC:
- A living will, also known as a health-care directive, details a person's preferences if trauma or an illness leaves them incapable of making your own decisions.
- If they become incapacitated, the person granted power of attorney might be able to handle their financial affairs on their behalf.
- When creating a will, choosing an executor is important.
Forbes reminds Americans that after creating an estate plan, they need to keep it updated. This is because key events, such as moving to a different state or acquiring new assets may change the accuracy and validity of the original document. A person may also choose to update a will if the people they wish to leave property to have passed away or are no longer on favorable terms with them.