You need estate planning! In the event of your death or incapacitation, these documents will be used by your executor(s) to make decisions for you. Your surviving spouse, adult children, minor children, property and your investments will all be factors for decision making and will only benefit if you get it done.
Will – used to specify how you want your assets managed or distributed after your death. When you die without a will, your estate goes to probate court and the state decides how your assets will be distributed. Save your family some disappointment and grief.
Durable Power of Attorney – this powerful document gives your designated grantee the authority to act on your behalf for all your legal affairs if you become incapacitated. This document will also an attorney-in-face to be able to buy and sell property on your behalf.
Health Care Proxy – this is a specific document related to your health care that you can complete when you begin treatment at a hospital. It allows the person you designate to make healthcare decisions for you if you become incapacitated and allows them to act on your wishes stated in the document. This document will take you through a detailed list of checkboxes.
Living Will – this document will give physicians instructions about life-prolonging medical treatments such as “DNR” (Do Not Resuscitate) or your wishes for life-support should be become unable to communicate what you want.
Hippa Release – according to federal law, health care providers must protect the privacy of your health care information. Completing this document allows you to designate another person who can be given your health care information should they need it to make decisions about your health or need to speak with your doctor about a prescription, etc.
Letter of Instruction – will contain information and instructions written by you about your wishes upon your death. Details such as who to contact, where important documents can be found and some information about financial or personal matters can be included.
I suggest you consult a legal professional since rules and requirements for these documents vary state to state. If you need a CMA or price opinion on any real estate, contact me with any questions or requests. I would consider it a privilege to assist you in any of these matters with no cost or obligation.
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