Suze Orman says this “insanely important and impactful bit of advice” can be done in just 30 minutes

Famed financial expert Suze Orman has pounded the table with an “insanely important and impactful piece of advice.”

“Protect yourself and your loved ones by creating a will, a revocable trust, a financial power of attorney and an advanced directive that is paired with a durable power of attorney for healthcare,” she says, as quoted by SuzeOrman.com.

Key Points About This Article

• According to Suze Orman, you must have a will. She calls it an “insanely important and impactful piece of advice.”
• More than half of Americans die without a will, which can lead to a legal hassle.
• Also: Take this quiz to see if you’re on track to retire ^(Sponsored)

Without a Will, Your Heirs are Stuck with Probate Issues

After all, a will is necessary to make sure all of your possessions are transferred correctly, and to avoid any potential probate issues. If you die without a will, there’s intestate, which refers to dying without a legal will. When this happens, the distribution of assets will be determined by probate court, which is never fun.

Once in probate, an administrator is appointed to oversee the remaining estate. That person will then put together a list of assets, pay off debts and then distribute the remaining assets to beneficiaries, as determined by a probate judge.

Again, it’s not a fun process.

But it’s often necessary considering that more than half of Americans die without a will, as noted by The Daniel Law Firm.

Unfortunately, in many cases, there’s the potential for family disputes.  Some may be greedy, and fight for everything, while others just want to get through it in one piece. It can all lead to a nasty fight between family members, which isn’t necessary.

Have a Financial Power of Attorney, if Need Be

A financial power of attorney is often needed to make sure someone is appointed to help manage your financial affairs, added Orman.

“Maybe you become too ill to stay on top of the bills and investments, or you find yourself wishing you didn’t have to deal with everything all the time. That’s where your financial power of attorney can step in and help. It can be anyone you choose; an adult child or grandchild, for example,” she says.

Simply put, a financial power of attorney can help you and your loved ones in the event you become incapacitated. Also, in a POA, you want to make sure you have it all dated, which includes the date the POA was created and its effective date. You want to have all interested parties named in the document, as well as their assigned responsibilities set forth by the wishes of the principal. Signatures are needed to make it official. Plus, you want to have limitations listed, which outline reasons for the revocation of power.

Of course, it’s also important to check with an attorney.

Have an Advance Directive

An advance directive spells out your medical wishes.

In the event you can’t speak, for example, the directive spells out exactly what you want. It can also include a DNR, or a “do not resuscitate” order. If you don’t want to be put on life support, which becomes lengthy and, in some cases, unnecessary, say so in the advance directive. In it, you can also name a person to make these decisions for you, as a durable power of attorney for health care.

Again, check with your attorney.

In short, if you want to save your family the extra grief outside of dealing with a passing, have a will in place. The last thing you want to do is burden them with probate issues.