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Estate planning also helps to protect assets and ensure that your money will be used as you want. While a will controls what happens to your assets upon your death (thus avoiding the cost of probate), be certain to get a durable power of attorney and living will as well. A durable power of attorney gives someone the authority to act for you, while a living will allows you to give instructions regarding life-sustaining treatments. Without them, your family may not be able to make financial or medical decisions on your behalf, should you not be in a position to do so.
While preparing your will, also inventory and list major assets, including bank accounts, investments, property and insurance policies. Make sure that your family knows where to find that information should you become incapacitated.
For many people, their chief asset may be their home. Indeed, many older people have quite a bit of equity in their home. If that's true for you, you may want to consider a reverse mortgage. Available through public and private programs to people 62 and older, reverse mortgages can supplement retirement savings or cover unexpected medical costs while allowing you to remain in your home.
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