The Social Security Administration recently announced that the Cost of Living Adjustment for 2020 will be 1.6%. For the average retired worker, this increase amounts to approximately $24 per month.

While these modest increases are welcome, many people on Social Security will continue to put off creating an estate plan because they are on a fixed income or may not have many assets.

No matter the size of your estate, your family will thank you for having a few key documents in place to ensure that your wishes are honored both during your lifetime and after your passing. After all, they cannot ensure your wishes are honored if it is not clear what they are. New Hampshire also updated its laws regarding Powers of Attorney in 2018. Updating your previous documents can help ensure that your Power of Attorney is as effective as possible.

A Durable Power of Attorney for Healthcare and Living Will lets you designate a person to make your healthcare decisions in the event you are unable to do so, and outlines your wishes about life-extending medical treatment.

A Durable Power of Attorney for Financial Matters allows you to designate a person to manage your accounts and assets in the event you are unable to do so.

A Will allows you to designate who receives your assets in the event of your passing and who is in charge of making sure those wishes are followed.  You can also designate how you would like your remains handled.

Make 2020 the year you finally put an estate plan in place. Contact one of the experienced professionals at Wescott Law, PA, to discuss your options and create a plan is best for you.