Issue link: https://viewer.e-digitaledition.com/i/725052
DISCUSSING DEATH IS difficult for many people, but making decisions about what will happen with your assets in the event of your death is a necessary conversation. In the absence of a plan, your loved ones may not inherit the savings you set aside for them, including items with sentimental value, such as a favorite vehicle or family heirloom. "We have seen too many instances in which lack of planning caused major problems for the surviving family members," says Greg Olmsted, President and CEO of North Alabama Educators Credit Union. "Hoping for the best but planning for the worst is truly the ideal policy when it comes to estate planning." WHERE TO BEGIN Get started with your estate plan by consulting financial and legal experts that you trust. Together, you can develop a plan that makes sense based on your assets, goals, and priorities. Key areas of interest to discuss as you set up your estate plan include: > Wills and plans to care for immediate family—If you are married, determine how much you can realistically leave behind for your spouse, and make arrangements to ensure those assets will be available. If you have children, specify who would be in charge of caring for them until they reach age 18. It is important to put these instructions in writing so that your wishes are clear to the people who need to interpret and carry them forward. > Living wills—If you sustain an illness or injury that compromises mental or physical abilities, you may not be able to make critical decisions regarding your finances or your health. A living will can provide peace of mind to families should this type of situation occur. In the living will, designate one person with power of attorney for healthcare-related decisions to help make challenging situations easier for family members. PROVIDE FOR YOUR FAMILY AND PROTECT YOUR LEGACY BY TAKING TIME TO FORM AN ESTATE PLAN WITH TRUSTED FINANCIAL AND LEGAL ADVISORS. W H Y M A K E A N E S TAT E P L A N ? ? ? ? 4 NOT FOR PROFIT, NOT FOR CHARITY, BUT FOR SERVICE NAECU.ORG