I still remember getting the call back in 1981 at Ivory Coast Academy in Bouaké, Côte d’Ivoire, that my mom was involved in a near-death car accident. God spared her life and has used her mightily, but she never imagined being confined to a wheelchair for the next 36 years. Even with today's medical miracles, it is a real possibility that you, your spouse, or a loved one could experience difficulty with handling your own medical or financial affairs and need help. A serious illness or accident can happen suddenly at any age. 

A beneficiary designation is one form of a will substitute. It allows you to transfer certain assets, such as the proceeds of a life insurance policy or a retirement plan (e.g., an IRA, 401(k), or 403(b)), without going through probate. The person or entity you choose to receive the proceeds is called a beneficiary. If you're single, you can choose anyone you wish as the beneficiary. If you're married, the law may restrict your choice. You can also name a charitable institution, your estate, or a trust as the beneficiary of many retirement plans.

Joint ownership is an arrangement where two or more persons share ownership of property. This arrangement allows someone else to have immediate access to your property and to use it to care for you if you become incapacitated.