A big hit in the 1980s and 90s, “The Golden Girls” is making a resurgence in syndication. Hardly a day goes by when you cannot turn on the television to see Rose, Blanche, Dorothy and Sofia working through the sort of everyday events that elderly women face. Estelle Getty, the actress who portrayed Sofia, was notoriously afraid of dying.
While it can be difficult to think about, death is something everyone must eventually face. By creating a comprehensive estate plan, you can help your children better manage the grieving process. After all, if your heirs do not have to wonder about distributing your assets, they can focus on other matters. Here are five things you may want to add to your estate plan.
1. A roadmap
While it is not a legal document, a roadmap serves as a master reference for your assets. In just a page or two, you detail your financial obligations, assets and other important matters. To get the most out of your roadmap, cross-reference legal documents in each section.
2. A will
Regardless of age, everyone should have a will. A well-drafted will tells your heirs what should happen to your property after you are no longer living. With a will, you may not have to worry about your children suing each other.
3. A living will
Even if you feel great, your health may deteriorate as you age. If you develop dementia or another serious condition, you may not be able to make end-of-life decisions on your own. A living will ensures you receive the care you want, regardless of whether you can voice your wishes.
4. A durable power of attorney
Like a living will, a durable power of attorney allows someone else to make decisions for you. This document, however, controls financial, legal and similar subjects.
5. A life insurance policy
Finally, you may want to purchase a life insurance policy to add to your estate plan. As you probably know, life insurance helps your heirs pay for your final expenses. It may also help secure financial freedom for your children following your death.
Like Estelle Getty from “The Golden Girls,” you may be afraid of dying. Still, if you plan for your eventual departure, you can likely make the process easier for both you and your heirs. With a careful estate plan, you remove some of the anxiety from the end of your life.