The person you designate will manage your finances on your behalf. Much like a health care power of attorney, a financial power of attorney becomes active when you can no longer make financial decisions. Whatever you choose, it is important to inform your loved ones of your health care preferences. They instead opt to rely on their health care proxy to make medical decisions on their behalf in the event that they become unable to communicate their wishes for treatment and life-saving measures. Many older adults prefer to forgo a living will. If you have both documents, a living will trumps your health care proxy. Your decision about being an organ donor.Having a do-not-resuscitate order or DNR.Willingness to accept palliative care at the end of life.Permission to be on life support and, if so, for how long.Permission for a feeding tube if you are unable to eat.Medications you are willing or unwilling to have administered to you.Here are some general issues to consider when creating a living will: The person you name as your durable health care power of attorney is typically a caregiver or family member who inspires the utmost trust. Similarly, a health care power of attorney’s decision-making will only be active when you become unable to communicate your wishes. Your Living Will and Durable Health Care Power of AttorneyĪ living will outlines your choices regarding end-of-life treatments and will come into play while you are still alive but unable to communicate health care decisions. Your attorney can identify the trust type that best meets your needs. These trusts are usually a revocable or irrevocable living trust, special needs trust, or spendthrift trust. Creating a trust can minimize taxes, restrict asset distribution, and also bypass probate. You may wish to establish a trust you can do so by working with an elder law attorney or estate planning attorney. (Probate is the legal proceeding where the court oversees the distribution of your assets.) This can add stress to your executor’s role, as well as increase the time it takes for your family members to receive their inheritance. your debts (mortgages, car loans, credit card debts, etc.).īe aware that if you have substantial assets in probate court, the process can wind up costing 10 percent of your estate value.a list of significant assets to leave to heirs, and.a list of individuals or charities you wish to receive your assets,.Your will needs to include the following: This way, you can address questions they may have and stave off family confrontations after you are gone. Many older adults choose their most responsible adult child for this role.Īdvise the person you choose to manage their expectations and advise your family of what to expect in your will. This individual will ensure your wishes are carried out. Naming your executor or personal representative is another function of your will. This legal document, called a testamentary will, transfers your estate, after you die, to the individuals or charities you name. Providing peace of mind to you and your loved onesįour basic elements of an estate plan can help you achieve these goals:.Appointing your estate executor or representative.Selecting a trusted representative to make health care decisions on your behalf if you become unable to manage your own affairs due to illness or injury.Establishing who will receive your assets upon your death.Your estate comprises your home, real estate, vehicles, businesses, bank accounts, life insurance, personal possessions, and any debt you may owe. Whether you own a little or a great deal, every senior should have an estate plan. Estate planning also reduces the burden your loved ones face and lessens the potential for conflict among your family members after you are gone. These legal documents help guide your representatives to provide the end-of-life wishes you seek. Yet, nearly half of Americans age 55 or older do not have a will, and even fewer have designated powers of attorney, a living will, or health care directives. Most older adults acknowledge that estate planning is essential.
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