Ways to Prepare and Get Your Affairs in Order

Starting to get your affairs in order can be a daunting task, especially for those with children. However, taking the time to plan and organize your finances, legal documents, and future plans can provide peace of mind and ensure the well-being of your family in the event of an unexpected situation. Here are some steps to help you get started.

1.      Make a Will: A will is a legal document that outlines how your assets will be distributed and who will take care of your children if something happens to you. This can help prevent family disputes and ensure that your wishes are followed. You will also appoint an executor who will be distribute your assets according to the instructions in your will.  Your executor should be a trusted family member or close family friend you trust to handle this for you.

2.      Prepare Power of Attorneys: A power of attorney is a legal document that allows you to appoint someone to make decisions on your behalf if you are unable to do so. This can be especially important if you have children and want to ensure that they are taken care of by someone you trust if something happens to you.

Medical Power of Attorney: This type of POA allows you to appoint someone to make medical decisions on your behalf if you are unable to do so. This can be especially important if you have children and want to ensure that they receive the medical care that you would want for them in the event of an emergency.

Durable Power of Attorney: A durable POA allows you to appoint someone to handle your financial and legal affairs if you are unable to do so. This type of POA remains in effect even if you become incapacitated, allowing your appointed agent to make decisions on your behalf without interruption. This can help ensure that your financial affairs are taken care of and your wishes are followed.

3.      Plan for Guardianship: Guardianship is the legal process of appointing someone to take care of your children if you are unable to do so. It is important to think about who you would want to be your children's guardian and have a plan in place in case of an emergency.

4.      Create a Financial Plan: A financial plan can help ensure that your children are taken care of financially in the event of your death or incapacity. This can include setting up a trust, life insurance, and investing in your children's education.

5.      Update Your Beneficiaries: Make sure that your beneficiaries are up-to-date on all of your accounts, including your retirement accounts, insurance policies, and bank accounts. This will ensure that your assets are distributed according to your wishes. 

6.      Organize Your Important Documents: Keep all of your important documents, such as your will, power of attorney, and financial information, in a safe and secure place that is easily accessible. Make sure your loved ones know where to find them if something happens to you.