When it comes to planning for one's life, we often focus on making sure that our savings accounts are well endowed, that our mortgages are paid off, or any debt for that matter, and that our family members are happy. Planning for the times ahead includes making certain that our children's college funds are being added to every month, and that we also set aside money to help pay for our daughters weddings in the future. We have retirement funds, health insurance and life insurance in case anything were to happen to our health. However, what we don't often plan ahead for is the fact that life just may come to an end at any moment, and when that does, you want to be prepared with having your money and your assets well taken care of.
Estate planning in essence, is a way for people to prepare for the future and make sure that when they die that their debt is properly paid off, their assets and property are distributed as desired, and that even during the last moments when our health is fading that here are people to make decisions on our behalf. When it comes making decisions at the end of your life, there are two particular documents that are extremely beneficial for you and your family to have and that is a living trust as well as the power of attorney. The reason these documents are beneficial to your family, is because it will leave them to not feel overwhelmed with how to handle your estate because it will be clearly defined beforehand.
The living will is going to be in effect even before you die, as it will determined what form of medical care you desire to have at the end of your life. For example, if you are a firm believer of not having someone resuscitate you back to life after your third heart attack, you will have that listed in your will. In many cases as people grow old, they have plans for what they want done in regards to their health however due to illnesses and injuries, you may be prevented from communicating your wishes, and therefore your living will can express you wishes in those last moments. In this document, in regards to your health, you can express your wishes for the types of treatment and medication you do or do not want to have.
When it comes to your healthcare, particularly at the end of your rope, having the power of attorney is another vital asset you will need on your side. While you can always list out a number of factors in your living will, there are going to be issues that you may not have been able to plan for, which is when a power of attorney will be useful. Here you will choose an agent who you deem responsible and trustworthy enough to make those extra decision on your behalf that you were unable to plan for in your will. However it is important to know that they do not have the power to change your wishes as stated in the will, only to address topics that come up in addition.
Another aspect to be aware of is that even if you have a power of attorney for your financial matters, you will want to choose a separate person to take care of only health decisions. Having two individuals who can work together is another crucial aspect to take into consideration. To learn more about estate planning, contact a probate attorney in your area today!