Most of us aren’t keen to think about the end
of life–especially our own. But discussing the need for and understanding
end-of-life planning documents is important for all of us. So, what are these
documents and why do you need them? Here’s a summary:
1: Durable power of attorney. This appoints another person to transact
business, legal and financial matters for you until you die.
Why do you need it? Lets say you are incapacitated by an
accident or illness, it allows the person you’ve chosen to act for you—and
quickly. That can help you avoid a lot of problems, including hard-to-get
guardianship and conservatorship rights. (If you are unsure of what either of
these two terms means, this article makes it clear.)
2: Appoint a health-care representative. As with the first document, this allows
someone to act on your behalf to make health-care decisions if you’re unable.
It allows them to review health records, authorize admission to or discharge
you from a hospital and make decisions about life-sustaining medical
procedures.
Why do you need it? You’ll have peace of mind knowing that your
wishes will be fulfilled as you intended, especially when it comes to
life-sustaining medical procedures. It also helps avoid family arguments about
who should have the final say.
3: Advance care directives or living will. This puts in writing the decisions you
have made about your health care—instructions, if you will, for your doctor—so
that your wishes are followed if you are unable to articulate them.
Why do you need it? It ensures, for example, that you
receive the treatment you’ve decided on beforehand if you are terminally ill or
permanently unconscious. It helps make sure that the treatments you receive in
a terminal or permanently unconscious situation are in keeping with your wishes
and provides guidance to your health-care representative.
4: A will or revocable living trust. This puts in writing who will inherit your
assets when you die, and in what manner. These two documents can help
eliminate, avoid or postpose taxes that are payable when you die. An attorney
can help you decide which of these documents is better for you.
Why do you need these? If you do not have a will or a revocable
living trust, basically the government will be able to decide how and to whom
your assets are distributed, and it may not be to those you intended.
These legal documents require the guidance of
a qualified legal advisor to insure they meet the requirements of your state of
residency, and if you already have these but have moved to a new state, they
should be reviewed to insure they comply with the laws of your state.
https://lifehappens.org/blog/4-end-of-life-documents-and-why-you-need-them/
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