Even the strongest of us will reach a point in life where we start to slow down and things that once were automatic suddenly become arduous and consuming. Whether we want to admit it or not, human beings have yet to discover the fountain of youth, and our time on this mortal coil is finite.
However, that isn’t to say that we are helpless to the hands of time. There is absolutely nothing to prevent us from living a fulfilling life while preparing for our ultimate slowdown and demise. While typically not the sort of thing most people like to spend their idle moments thinking about, there are distinct financial considerations to consider when your health becomes a concern and your focus shifts to the legacy you’ll leave.
Take Care of the Basics
Given the fast-paced nature of today’s world, even people that aren’t necessarily savvy with technology can still have complicated financial lives. Therefore, when health starts becoming a concern, simplifying any unnecessary complications can be extremely beneficial to you and your loved ones simply by minimizing the amount of moving parts in your financial matters.
For instance, if you have multiple investment accounts that can just as easily be well-provided by a single one without sacrificing performance or function, consolidating those assets into as few accounts and firms as possible can significantly streamline your portfolio. Likewise, while looking for ways to simplify, make sure all of your accounts have current beneficiary designations, or in the case of non-retirement accounts, transfer-on-death orders to eliminate as many legal hurdles as possible for your loved ones in the event of your passing.
Remember, if you were to pass away, your family and friends would need to mourn their loss, and excessive administrative demands regarding your finances only disrupts a natural and healthy mourning process.
Consult an Estate Planning Professional
Before your health deteriorates to the point where it becomes difficult to attend appointments, or in a worst-case scenario, have your competency signing legal documents questioned, consult the advice of an estate planning professional to review any documents that could greatly benefit both you and your loved ones.
Whether your specific circumstances require a simple living will or an intricate series of trusts, a well-qualified estate planning professional can help you choose the best set of solutions given your particular needs. Also, once your health has become a concern, you absolutely must have any powers of attorney and medical directives in place to, once again, make life easier for everyone involved. Often, waiting until your health is too far gone makes it impossible to implement or integrate the legal documents and entities you need to serve your unique purposes and circumstances best.
Don’t forget about your digital assets as well! Almost everyone today has some digital assets, whether online savings accounts, cryptocurrency wallets, Facebook photos, usernames, passwords to all of the sites they visit online, etc. We at Twin Cities Wealth Strategies, Inc. feel it is too important to ignore, so we provide all of our Financial Planning clients with an online secure and encrypted safe deposit box that allows our clients to store and pass on their digital assets safely. Have questions? Click here or call (763) 445-2772 today!