How to Help Your Family If You Die or Become Incompetent

Many people understand the importance of having a Will, but fail to consider the importance of planning for the possibility of incompetence. In addition to a Will, you may need a Power of Attorney to govern your financial matters, as well as a Living Will (or other Advance Medical Directive such as a health care power of attorney) to state your preferences for circumstances when you are unable to give informed consent. In general, these documents ensure that your loved ones are aware of your desires, and the choices you think are important.

To help your family handle your financial affairs upon your incompetency or death, create a list of your assets and liabilities. This could save them many hours of searching, and reduce the potential that assets may be overlooked. A list of life insurance policies is also helpful.

 

Providing a statement of your preferences regarding final arrangements, memorial services, and biographical information for an obituary can greatly ease the burden on your family.

 

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.