A super powered financial plan should include a safety net in case you become incapacitated unexpectedly– Someone you trust should be able to step into your shoes and handle your legal and financial affairs. You, too, can have that “super power” through a durable power of attorney. It won’t help you run faster than a speeding bullet or leap tall buildings in a single bound, but a plan that includes a durable power of attorney will enhance your financial security so you can live your best life with one less thing to worry about.
Everyone should periodically review and update beneficiary designations on insurance policies, bank accounts, and retirement plans. But due to federal employee-benefit laws, divorced individuals need to be even more diligent about this, especially with respect to employer-sponsored plans. By being active in your estate planning, you can make sure that your hard work transfers to your intended beneficiaries according to your wishes.
Police officers are out there risking their lives every day to protect the public. Yet many do not have wills or other estate planning documents in place to protect themselves and their families. Click the article below to find out more. If you or someone you love works in public safety, don’t be afraid to start this conversation.
This article originally appeared in the Winter 2019 edition of Michigan Police Chiefs magazine, an official publication of the Michigan Association of Chiefs of Police. Click here to view the full magazine.