So you are now ready to implement your budget for the month of April. Right??? If you need a refresher, check out Part 1 in this series Building Financial Strength for LEO Families: Intro & Budgeting.
In Part 2 of his series on Building Financial Strength in LEO Families, Nick Daugherty discusses the topic of will and estate planning. As he will tell you, it is important to outline your wishes in advance of a tragic situation.
At a minimum, think of the stress that your family will be going through in the event of your death. Do you really want to subject them to additional stress by them having to go to court or make decisions that you may have disagreed with? If you have children, it is even more important to think about this topic to determine who will care for your children.
There is a free will template available through the New Directions website, which could be an option for you, but it may be worth speaking with an estate planning attorney to determine what is best for your situation. This is not a situation where you want to make a critical mistake because you didn’t understand the document.
Beyond a will (your wishes for personal property, how to preserve wealth and distribute your assets), you should look at the components of a living will (medical power of attorney, financial power of attorney, advanced medical directives). Wills can be basic forms, all the way up to creating trusts to protect your assets. This is where a conversation with a professional could be beneficial.
Check out this quick video for more information:
Nick Daugherty is a retired Sergeant from the Grand Prairie, Texas PD and has taught thousands of officers how to build financial strength by living a debt-free lifestyle and building wealth through proper savings and retirement planning. He’s also coached hundreds of families on how to get out of debt and navigate financial crises. He additionally manages retirement assets for numerous first responders, from line police and fire personnel all the way up to numerous police and fire chiefs. Contact Nick Daugherty or follow him on Facebook and Twitter. www.buildingfinancialstrength.com