A comprehensive estate plan includes four estate planning documents. These documents include a will, financial power of attorney, advance care directive, and living trust. Although the name overlaps with a last will and a will, a living will is actually quite different. This is a document that tells doctors, medical professionals and family members what treatments you want if you are dying, are permanently unconscious, or if you are unable to make decisions about emergency care.
It has nothing to do with age; adults of all ages can benefit from having these wishes explained. While a living will may include an exhaustive checklist on the types of treatments you would like to consider, it is difficult for a checklist to be complete or to interpret the nuances. To that end, it is vital to have a durable power of attorney for health care. This legal document allows you to designate a health care proxy who is empowered to talk to your doctors, access your health care information, and make medical decisions about your care, if you cannot do it yourself.
A health care proxy is also responsible for determining which hospital, medical facility, nursing home, or hospice facility to send you to for care. This document, which is regularly included in advance directives, allows you to designate someone (in addition to an endorsement) to make medical decisions on your behalf when you are unable to do so. Now, if you just saw the word “trust” and thought, Oh, Suze, that's only for the rich, you couldn't be more wrong. A revocable living trust is an incredibly powerful document that can be a big help.
You stay in control of all your finances as long as you want and you can make changes to your trust as often as you want. These five documents (sometimes four, when advance directives and power of attorney for health care are combined) help you live a happier and less stressful life, knowing that you have taken the necessary steps to make navigating tomorrow as easy as possible. These documents are part of his legacy. By making your intentions clear and facilitating the inheritance process as much as you can, you are taking care of your family.
Start with an advance directive here. Many people believe that having an estate plan simply means writing a will or trust. However, there is much more to include in your estate planning to ensure that all of your assets are seamlessly transferred to your heirs after your death. There are specific estate planning documents, such as power of attorney and will or care trust.
A permanent power of attorney allows you to choose someone to act on your behalf, financially and legally, in case you are no longer able to make decisions. To ensure that someone can make medical decisions on your behalf if you become incapacitated, establish a power of attorney for health care, also called power of attorney for durable health care. This is different from the permanent power of attorney mentioned above for financial and legal matters. So, a health care proxy puts someone in charge of making decisions about your body, but what about your financial assets and information? For that, you'll need a power of attorney (POA).
A POA appoints someone to take care of your finances when you become sick or disabled. That person is called your agent. When it comes to estate planning, having a last will and will is probably the first thing that comes to mind. Most people think this is just a will.
It may sound a little macabre to think about your death, but if you approach it as a financial plan and nothing else, it can help make the whole process feel a little less uncomfortable. It's also important to consider your medical decisions. Establishing an advance medical directive (including appointing a health care agent and creating a living will) helps guide doctors and caregivers to make the right decisions if you are terminally ill and unable to act on your own. By creating a revocable living trust, you can approach the management of trust assets in the event of disability or death without having to spend time tied up in court.
Depending on the size and extent of your assets, your state of residence and your wishes for distribution, a will alone may be sufficient. That said, if you decide to create a trust, you will have to re-title them so that they fall under the trust itself. You can appoint yourself as a trustee and appoint successors to intervene and act if necessary. Texas 3100 North A Street, Building.
B Suite 125 Midland, TX 79705.No one plans to get sick, but people of all ages can get too sick to make their own medical and health care decisions. The Power of Attorney for Health Care document allows you to choose who you would like to have as your representative if you are unable to communicate or make your own medical decisions. Clearly, you need this person to be responsible, someone who honors your wishes in the best way that circumstances allow. Do not confuse this document with a living will (we'll talk about this later).
A living will is only applicable when it is determined that a person is permanently unconscious, terminally ill, or severely incapacitated for another reason similar to that provided by the laws of his or her state. If you are temporarily unconscious or temporarily unable to communicate, the person you designate in your living will will not be able to make health care decisions for you. For that, you need a medical power of attorney. If you are unable to manage your own financial needs, perhaps because you are hospitalized, a financial power of attorney allows the designee to make financial and legal decisions for you.
He or she can access your bank accounts, pay your bills and more. Again, this is a crucial document to complete and sign, after carefully selecting the right person. It is important that everyone has this document, and even more so if you have children or are the caregiver of others. A living will is an advance directive that allows people to share their health care wishes as they enter the final stage of their lives.
This allows doctors and hospitals to know how to proceed when someone is no longer able to communicate their wishes. This document also helps family members to be clear about exactly what the wishes of a loved one are at the end of life. Without this document, doctors and family members are left in a precarious situation of having to guess their preferences. When people disagree, the situation can become contentious, even to the point of becoming a matter for the courts to decide.
Many people want palliative care, which means that if they are in pain, doctors can take steps to reduce and control symptoms and suffering. A more important question when creating a living will, in general, is whether or not you want extraordinary measures to be taken. For example, if doctors determine that you need CPR to be rescued, do you want that procedure done?. .