Age 50 is the time, for many people, where life’s adventures are really just beginning. So, let me throw a monkey wrench in your plans and tell you that now is the perfect time to review your will and power of attorney documents — and here’s why.
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to discuss why you should review your will and power of attorney documents at age 50. Truthfully, adults of any age should review these documents often — because things change. But 50 is a good checkpoint because relationships and situations change as you age, and reviewing what’s involved with these documents can help you and your family be prepared.
I reviewed my own documents recently and found they needed to be updated. Why? Because people have passed away since I last revised these documents, and this out-of-date information could have caused my family enormous headaches had I passed away myself. Don’t create an inconvenience for your family! Changes like marriage, divorce and death of loved ones can prompt edits, so stay on top of this.
Financial stability is unbelievably liberating. Putting yourself through a financial check-up allows you to take a pulse on your long-term stability — and you’ll want this for the many, many years you have ahead of you.
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