Money Map Tip of the Week

On August 23, 2025, in Latest News, by The Somerville Times

Q: Are there preparations I can make regarding end-of-life decisions that could affect my own finances—and the finances of my loved ones after I’m gone?
A: Absolutely! One of the most thoughtful financial decisions you can make is to get your end-of-life documentation in order—not just for yourself, but for the peace of mind of those you care about most.

Here are a few key areas to consider:
• ✅ Choose a healthcare proxy – Appoint someone you trust to make medical decisions if you’re unable to.
• ✅ Document your wishes – Things like resuscitation, life support, and organ donation can be recorded in a living will or advance directive.
• ✅ Organize your financials – Make it easy for a trusted person to access account info, insurance, or estate plans if something happens.
• ✅ Reduce stress for others – When you document your preferences now, your loved ones aren’t left guessing or navigating complex choices under emotional strain.

Bottom line: Getting these documents in place isn’t just about what happens someday—it’s about making today more peaceful for you and the people you love.

Any questions? I’m Vincent Hicks, a CPA based in the Cambridge–Somerville area. Reach out at vincent@hickscpasolutions.com, www.hickscpasolutions.com or (859) 553-0788.

Disclaimer: This column provides general financial information and should not be considered legal, investment, or tax advice. Always consult a qualified professional for personal guidance.