INDIANAPOLIS (WISH) — Estate planning is something some people don’t want to think about. It’s also something that many people think is reserved for the rich and famous.
The truth is, estate planning really should be done by everyone, says Alex Joyce, CEO of ReYoyce Financial.
“Nobody wants to think about it, you know? But, I think for anybody that is considering an estate plan, they should really look at it in conjunction with an overall financial plan,” Joyce told News 8’s Randy Ollis. “Seeking real advice is the first and foremost thing people should do, but I think they should really consider what they want their money to do without their physical existence.”
People of any age should take care of their estate planning at the first opportunity, according to Joyce.
“I think that appropriate documents should go in a household right away,” Joyce said. “For instance, some people have been married for a long time and don’t have the legal authority to sign each other’s names. Hence, normal powers of attorney are appropriate at any age, for any couple.”
Part of estate planning is setting up the legal documents that establish durable medical powers of attorney and can be used to make end-of-life decisions, according to Joyce.
“Having those appropriate documents in the household, that way, there are no hard feelings. Not being a burden on someone,” Joyce said. “These are things that, just, they have to be there. Some think that estate planning is for the rich and famous, but, at the same time, everybody needs it.”
To learn more, watch the video above.