Are Your Affairs In Order? What Does That Mean – And How To Do It

On television and in the movies, we often hear about people ‘getting their affairs in order.’ And unfortunately, it’s often towards the end of their lives. But in reality, it’s best to have your estate plan in place before it’s time to worry about it. No one knows when an accident or a tragedy will happen. While you are hopefully fine and healthy, we must ask you: are your affairs in order?

What Does It Mean To Have Your Affairs In Order?

There is more to an estate plan than a will or trust. An established estate plan is a financial plan to take care of yourself when you are older and then how to distribute your assets after you’re gone. The financial aspect of this plan can include your retirement plan, life insurance and investments. But you also need the paperwork to ensure your care.

Instead of knowing you have ‘some money’ here and there, the estate plan keeps everything together and verifies that everything works together the best way possible. You don’t want to leave the planning of your elder years to chance.

How To Put Your Estate Plan Together

Putting your affairs in order is easier than you may think. And the good thing is that you don’t have to do everything at once. The first step is to contact an estate planning attorney. They will sit down with you and review everything that can be included in your estate plan (and what should not be included). And they will also help you get started.

Here are 5 things to do to get your affairs in order – and why:

1. Making a will to specify who will inherit your assets and how they should be distributed
   • Dying without a will is called dying intestate, and the courts will decide who will receive your assets.
2. Establishing a power of attorney to authorize someone to make decisions on your behalf if you are unable to do so –
   • There are several types of power of attorney. They can be temporary or permanent towards the end of your life.
3. Create a living will (or healthcare directive)  to state your wishes for end-of-life care
   • A living will is also called a healthcare directive. It lets others know your level of care and medical wishes for your remaining days. 
4. Organizing your financial records so that they are easy to access and understand
   • After all the years, your financial records can become jumbled. Organizing your retirement finances lets you understand exactly how much you have and how long it will last.
5. Talking to your loved ones about your wishes and plans
   • Talking to your loved ones about your estate plan can be hard, but you want them to understand your final wishes.

Again, an experienced estate planning attorney will help you put together these 5 items. Having everything organized will help you feel better about your future.

Oak Brook Estate Planning Attorney

When you are ready to start putting your affairs in order, let an estate planning attorney guide you. Contact Mario Godoy at the Estate & Probate Legal Group in Oak Brook, Illinois, at 630-864-5835.

Areas We Serve: Cook, Dupage, Kane, Lake and Will counties.