Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
When you hear the words estate planning, what comes to mind? A lot of us think it’s something only the rich need. However, it’s not just about the money. Estate planning covers a lot of areas from smaller things such as your niece getting that quilt that grandma made, to larger things like making sure that if you pass away, your kids are taken care of by the loved ones of your choice. These are issues that could affect us, no matter our age or tax bracket. The plans give you a voice when you can not speak for yourself.
There are some key documents that everyone over the age of 18 should have in place. First, you should have a living will, also, a durable Power of Attorney for Finances and health care. One will have access to your accounts to pay bills and take care of taxes. The other will make sure that your medical wishes are carried out. This is a simple place to start and these documents should be reviewed regularly and updates should be made as your life changes. Work with your attorney when you’re creating an estate plan.