When unexpected events happen to those around us, we often think that this will not happen to us. Unfortunately, there are many life events that individuals are ill prepared for because they want to believe that it won’t happen to them. Residents in Kentucky and elsewhere are not immune from needing to prepare for the future with an estate plan.
Fill gaps with an estate plan
The reality is that we are all aging, and we cannot predict what life will look like in the future and what needs will be required in our later years. As such, an estate plan can fill in those gaps, so you are not left in a difficult situation if your health suffers or a devastating event occurs.
An estate plan can help you protect your finances and your wishes when it comes to the distribution of your property and assets and the decisions made on your behalf regarding your health and finances. Thus, it is important to take certain estate planning steps to ensure you are properly prepared.
Steps to take
To begin, you should identify a reliable person who will be able to assist you if your health is impacted due to an illness or injury. Next, a list of emergency contacts should be made and updated. This can ensure that the proper people are informed of them being named and what instruction would be given to them.
Other steps an individual could take include the consolidation of assets and financial accounts, set up autopay for bills, continually update estate planning documents, refrain from adding people to your accounts unless necessary, use a password manager for your digital accounts and communicate health information with those designated to make those decisions if you cannot.