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Nov 14, 2010
'Will'' You or Won't You?
No one ever wants to experience a life threatening or life altering illness. But the truth is, people face these kinds of situations everyday. It's so important to take action before a catastrophe strikes, so you can make important decisions with a clear head. This will help you insure that you and your family, income, and assets are protected in the way you want them to be.
Here are some important decisions you can make to protect yourself and your family.
Create a Will
It's been estimated that seventy percent of Americans have never drafted a will. This is amazing, because it is one of the most important documents you will ever create, especially if you have children.
In addition to your will, it is advisable to create Power-of-Attorney's to allow someone you trust to be able to make financial decisions or pay bills on your behalf if you are not able to do so yourself.
Also consider creating a living will, outlining the types of treatments that you would want or not want to have performed. Typically a living will is accompanied by a health care proxy, which is a Power-of-Attorney specifically for making medical decisions.
Start an Emergency Fund
There are dozens of reasons that it is important to build up a nest egg of cash, but one of the most important is to help protect against the loss of income that can occur during a medical crisis. Rarely considered for couples who both work, but worth mentioning, is that during a medical emergency, not only would the ill individual be out of work, but oftentimes the other would also have lowered income due to spending time and energy with the sick partner.
"Insure" Your Safe Future
Life insurance is rarely considered a popular discussion topic, but it is a very important way to protect your family. Dealing with the loss of a loved one is very difficult and there is no easy way to ease the pain. And the financial problems, although secondary, can be very serious. Loss of home, income, and savings can all be avoided with the right life insurance plan. Other types of insurance to investigate are disability insurance - which can help provide income if you are unable to work because of an injury or illness - and also long term care, which can help you preserve your assets from being eaten up by caretakers in the future.
Avoid Scams During a Loss
It's also important to be prepared during the loss of a loved one, especially as this is never an easy experience for a family, and people are often understandably distracted and overwhelmed with things to take care of. In fact, scam artists often use the obituaries in the newspaper as a way to target potential victims. Here are some tips to help you or your loved ones prepare yourselves during times of loss:
Protect Your Home: If funeral service dates and locations are listed in the newspaper obituary, scam artists will be able to tell when you will be away from home. And with friends and relatives visiting to pay their respects, neighbors may assume someone entering your house has permission to do so. To be safe, either ask a friend or neighbor to house sit while you're away, or let your neighbors know your plans so they can look out for suspicious visitors.
Know Who's Calling: If you have caller ID on your home phone, make good use of it and don't answer calls from unknown numbers. This will help you avoid calls from companies or individuals who are running cons. Remember: Any companies or people who pressure you during difficult times probably aren't looking out for your best interests.
Be Mindful of What You Pay: As you are going through papers, pay all bills that you know are legitimate like the mortgage, utilities, credit cards, and car payments. Do not pay anything from unknown parties or companies, including invoices, investment opportunities, calls for orders placed, or calls for money owed.
Get a Second Opinion: Sorting through paperwork can be overwhelming during times of loss. Consider asking a friend, family member, or even a trusted professional like an accountant or attorney to review any invoices or claims before you send a payment.
Losing a loved one is never easy. Let these tips help you be prepared when difficult times arise...and help ensure your loved ones are taken care of the way you want them to be.