Relationships-The Importance of Financial and Emergency Planning

It's a fact of life that can't be dismissed that as each year passes, we all become just a little bit older. There may come a time too, where we're old enough to need help with day to day activities in our lives. No one likes to think of this time, and no one wants to consider that emergencies can arise either. But these are facts of life and as responsible aging adults, we must make plans in the event that something unfortunate happens.

The two primary types of plans we need to focus on as we grow older, are financial and emergency plans. As awkward as this may feel for many of us, eventually we need to have frank, open, and honest discussions about our financial and emergency plans with our adult children. Because they are the ones who will most likely be taking care of us or making sure our plans are carried out as we have expressed them.

How soon you start putting financial and emergency plans into place is a personal decision you must make on your own. It stands to reason though, that the earlier the better, because no one knows what may happen tomorrow. Even if you're in good health physically and financially today, having an emergency plan in place is prudent just in case. If you're already experiencing some health issues or you have existing financial issues, it's best to put your plans into place as soon as possible.

If you already have plans made for the future though, you need to sit down and explain them to your adult children. If something happens to you before they're aware of your plans, there is a stronger chance that your plans will not be carried out properly in the end. Your children will also feel much more lost by not knowing what you'd want them to do in any given situation. If you haven't laid plans yet though, you can include your adult children in your planning process if you'd like, and ask for their opinions along the way.

The basic financial planning steps you'll want to take include health insurance, life insurance, and investment properties. Make sure you have health and life insurance in place, and make sure your beneficiaries know about the policies. If funeral expenses need to be paid from those policies, make sure your adult children understand this as well. You can make the process go much easier of course, if you make all of your funeral arrangements while you're still living, and pay all expenses then as well if possible.

If you have investments of any kind, make sure you have someone designated to take care of those after you're gone. Whether you want the investments to pay monthly or yearly sums to certain people, or you want them sold and distributed a certain way. It is wise to prepare these plans must while you're still of sound body and mind.

On the emergency planning side of things, you need to decide how you want things handled here as well. If you end up becoming sick enough to require life support machines for instance, is there a specific amount of time your family should wait before choosing to have them disconnected? Alternatively, if you don't want life support machines at all, this needs to be planned in advance and your family needs to be aware of your specific desires.

If on the other hand, you become disabled or unable to live alone anymore, is there a specific place you want to live? Do you want a nursing home or hospice, or will you live with pre-chosen family members instead?

These thoughts and plans may feel unpleasant and a bit morbid, but we've lived long enough to understand the importance of being responsible in our lives. Most of us already know how difficult it can be to have a loved one pass away or become unable to care for themselves any longer. The more planning you have done in advanced, the easier this transition is for everyone involved.