While physical disabilities may not impact a client’s ability to manage their own assets, mental illnesses and age-related cognitive impairment can eventually lead to incapacitation and the inability to manage their own assets.
If you have life insurance, you know you were required to pick a single or multiple beneficiaries when you purchased your policy. When you die, the beneficiaries receive the payout from the policy.
When planning your estate rarely will you experience difficulty naming your initial beneficiary or beneficiaries for your will, IRA’s or life insurance.
There is a general consensus that having a last will and testament is important. However, few people realize the necessity of having medical documents in place.
