Some simple documents will go a long way in protecting you as retirement age approaches.
While many people are concerned an estate plan has to be complicated, you often only need a few simple documents prepared by an estate planning attorney, according to the Brooklyn Daily Eagle in "Five legal documents you need by 55."
Among these documents are:
- A general durable power of attorney is a document that will let you designate someone to take care of your financial matters, if you are unable to do so. The person you choose will be able to make sure your bills are paid and any business you have is handled appropriately.
- A medical power of attorney is also needed, so someone you designate can talk to doctors on your behalf, if you are incapacitated. This makes sure your health care is handled as you would want.
- A living will, aka Advance Medical Directive, is another necessary document that lets you decide what will happen, if you are terminally ill. It leaves instructions for doctors about what methods to deploy or not to deploy to prolong your life.
- A will is also necessary, so you can make sure your assets are distributed as you want after you pass away.
Reference: Brooklyn Daily Eagle (Feb. 6, 2018) "Five legal documents you need by 55."