2. WILL AND LIVING WILL
Be sure your will is up-to-date with your wishes. This should include a list
of assets and how they will be distributed. Consider who you have named as
executor and be sure that person is still the appropriate choice. If you have minor
children, review who you have named as guardian and be certain they are still
willing. Also, review your end-of-life wishes, such as treatment to prolong your life
and if you want to be an organ donor.
WHO HAS A WILL?
The older you are, the more likely you are to have a will.
SOURCE: ROCKET LAWYER, 2012
3. POWERS OF ATTORNEY
Look at your documents appointing a power of attorney to make
decisions on your behalf if you become unable to yourself. Be sure the forms are
notarized and in line with your requirements.
Review the choice of agent to make healthcare decisions for you if you become
incapacitated. Is the person aware of the responsibility and still willing? Be sure a
copy of these documents is with your doctor and other family members are aware
of your preferences.
ESTATE PLANNING SEMINARS
The Sons of Norway Foundation offers an estate planning seminar called
the in collaboration with the Red Cross. Members can gift money or
appreciated assets, such as stocks. You can also name a charity, like the Sons of
Norway Foundation, as the owner or of your life insurance policy.
The seminar includes a 20-minute PowerPoint presentation and handouts by a
representative of the Foundation or your FBC. The program covers the basics on
charitable giving choices and can be included in a lodge meeting, presented at
a community center or local church. To schedule a seminar, contact Foundation
Director Cindy Olson at email@example.com.
you have a term policy that will
soon expire, consider converting to
permanent coverage so you have a
policy that remains in force for the
rest of your life. To make it more
affordable, you can convert part
of it, starting in small increments.
Sons of Norway term policies can
generally be converted for 20 years
from issue or before age 70 if earlier.
a person has been
approved for term insurance,
coverage is guaranteed even if his
or her health worsens. There is
no medical underwriting process
required when converting a policy.
So, smart to consider converting
before a term policy ends.
an annual review,
consider the tax implications of
your saving vehicles. With annuities,
the money builds tax deferred. With
life insurance, the death
is income given tax-free to the
Albert Lee, Minn.
For a complimentary consultation
with your Sons of Norway Financial
VIKING JANUARY 2015