There are four basic estate planning documents. The table below describes these four documents and why you might want to consider using them. It is recommended that you discuss with an attorney your personal situation and what documents would be best for you.
|
DOCUMENT
|
WHAT IT DOES
|
WHY YOU
MIGHT USE IT
|
WHAT TO KEEP
IN MIND
|
|
Will
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A Will spells out what you would like to be done with your assets upon your death
|
Without a Will, the laws of your state will dictate who receives your assets even though you may want something different done with them
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An attorney can help you prepare a Will that distributes your assets in the manner that you choose
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|
Durable Power of Attorney
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This document names a person to make financial decisions for you if you are unable to make them
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This will avoid the cost, time and hassle of having someone go to Court to be appointed as your guardian
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As long as you are mentally competent, you can appoint, revoke or change the power of attorney
|
|
Living Will (Advance directive)
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This document specifies what you want or don't want for medical treatment if you are unable to express those wishes
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This will allow you to control the extent to which you will receive medical treatment
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As long as you are mentally competent and able to express your wishes, your instructions will control
|
|
Durable Power of Attorney for Health Care
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This document names a person to make medical decisions for you if you are unable to make them
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This allows someone you trust and have appointed to make the medical decisions for you
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This can be a difficult responsibility and you must appoint someone who understands and will carry out your instructions
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It is best to plan ahead regardless of your age, health, or financial status. Communicate with others and keep them informed of your desires and instructions. Keep your documents up to date and review them periodically to make sure they reflect your wishes.
Attending to these things while you are able will help provide peace of mind to you and those you care about.
