Six Things Every Family Needs
One thing I’m learning is that many of the things that apply to seniors, applies to me at a much younger age as well. In a recent issue of Money magazine, there’s an article entitled, “Keeping wealth in the family” that uses a couple who are in their early 40s to discuss the right documents to have in place in case one, or the other, dies.
The article covers some basics like calculating the value of your estate, how to help your heirs stay out of probate, avoid taxes and the like. It’s a good article, but the part that I liked the best was the checklist of six things every family needs:
- A will
- A health-care proxy
- A living will
- A durable power of attorney
- Life insurance
- Disability insurance
If money matters, or end-of-life discussions, are difficult to initiate between you and your parents, one way to introduce the topic is to discuss what you’ve done, or what you might do.
How many of these do you have?
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