Add to favorites Examiner Bio

Michael Jackson's lesson for retirees

 

 

You may not think that the death of a younger person like Michael Jackson would have any impact on people of retirement age, but there is an important lesson in his circumstances. His own family was not aware of the fact that he had a will nor did they know who he wanted to have custody of his children. The will had not been updated for seven years, and that should provide another lesson….keep things up to date.

 

If you haven’t written a will or put your affairs in order, now is the time to do it. It’s important to have the right documents in place to ensure your wishes are followed, whether it is your finances, medical care, or the distribution of your estate. Too many people never tell their heirs where the important documents and assets are located, and this often leads to complications in settling a parent or partner’s estate. Do you know where your parents’ important financial documents are? Do your adult children know where yours are? Do you even know which ones are critical? Do you know whom to contact when a loved one passes away? Where a safety deposit box is located? Where the key is? How to locate the deeds to real property? It is essential to have a conversation about these things with your family, and it is the smart thing to do.

Also, in these changing time, not everyone today is part of what is known as a “traditional couple.” Perhaps you are living with someone but not legally married, or you are single, widowed, divorced, or may be any of these in the future. Whatever your marital status, you need legal protection for your finances and property and even your medical care. These matters can get rather sticky if you don’t take care of them in advance, especially if you have a long-term partner you expect to be treated as a spouse. Otherwise, family members may have a greater say in the distribution of your finances—maybe even the house you and the partner are living in—even if you haven’t seen them for years. Each state has different laws regarding unmarried couples, so check yours and prepare documents that will ensure that your wishes are followed.

 

None of this absolutely guarantees that there will not be any legal hassles when it comes to inheritance, but it does mean that your wishes are set down on paper and should be followed.