We know that talking about your incapacity or death isn’t fun but we do all we can to make the experience as pleasant as possible.
If you become incapacitated because of an accident or illness, it is important that someone be able to communicate your wishes to your doctors and be able to manage your finances. The person you choose to do these things for you will only be able to do so after a doctor determines that you need the assistance.
When someone becomes incapacitated but doesn’t have powers of attorney, the only option is guardianship, a costly and often unpleasant court proceeding in which a judge is asked to declare you incompetent and to appoint a guardian of his or her choosing.
If you have children or if your parents are still alive, your wife will not inherit everything. You can only ensure that your wishes are followed if you sign a Will.
One of the most important roles under your Will is the executor, the person who will deal with the court after your death. Be sure that he or she is able to meet deadlines and manage affairs even while dealing with grief. If you have young children, you should also consider who will serve as their guardian if you die.
It’s a good idea to review your estate plan whenever there are big changes in your family, such as a birth, death, marriage, divorce, etc. If nothing like that has happened lately, it’s wise to review your documents at least every 5 years.