Quit Procrastinating Your Estate Plan
With your Southeast Regional Ag News, I’m Haylie Shipp.
Tough topic today in that we’re talking about estate planning. It is one of those things that you can push off really easily. But at the end of the day, if you keep doing so, it increases the risk that all you worked for will end up with someone other than who you want. Sean Voskuhl is with the AARP…
“Research shows folks simply procrastinate, don’t think their estate is big enough or just simply don’t know how to create a will or estate plan.”
He says there are three basic elements of estate planning farmers should consider…
“First, develop and maintain a succession plan for ownership and management of the farm. Also, consider retirement plan accounts and life insurance needs of the farm as a closely held business. And, consider premarital agreements and protection of interests in the farm.”
And you need more than just a will…
“A will directs what happens after a person dies and makes life simpler for heirs, but two other documents are just as important. One is a health care directive, which appoints someone to make medical decisions for you if you're unable, and which outlines the medical care you do or don't want. The other document is a durable power of attorney, which appoints someone to make financial decisions on your behalf if you're incapacitated.”
A little kick in the behind if you’ve been procrastinating on your estate plan. For more, you can visit AARP.org.
