Retirement and Estate Planning
- It's a Money Thing
Retirement & Estate Planning,CAPTAIN: Look, there it is! The island of retirement! You ready?,JEN: So ready. I’ve got all my financial ducks in a row.CAPTAIN: What about estate planning?JEN: Oh yeah! I’m gonna have marble columns, water features and so many pergolas. Oh, you mean that. Yeah, I think I’m good.CAPTAIN: Hmmm. Estate plan check.CAPTAIN: Document all of your assets, and your debts. Write a last will and testament, then have it witnessed, and name an executor to carry out your wishes! You might even want to start a trust, to handle the distribution of your assets.JEN: Done, and done… and done!CAPTAIN: Make sure your will is up to date!JEN: Uhm, let me just… email my lawyer… for unrelated reasons. CAPTAIN: You should also have a living will, so you can be sure of the type of medical care you’ll receive, should you be unable to communicate your wishes. JEN: Living large, with a living will! CAPTAIN: Next, sort out your power of attorney! By granting a trusted agent power of attorney, if you become ill, disabled or otherwise unable to sign documents, you can have that agent do so on your behalf, and handle your affairs. JEN: Power up! CAPTAIN: Then arrange a transfer on death (TOD) designation for any stocks, bonds or brokerage accounts you’ve invested in, so that your beneficiaries can claim them without going through drawn-out probate proceedings. JEN: Signed, sealed and not yet delivered! So, am I good to go? CAPTAIN: You bet! Now get out there and live your best retired life. JEN: Alright! Time to hurry up and chill.
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