The scope of what a power of attorney is responsible for depends upon the specifics outlined in the document. This can include financial control, decisions about medical care, and management of real estate. Whoever is chosen as a power of attorney should be trusted and capable, as they potentially have a lot of influence over important aspects of a person’s life. The individual designated as the power of attorney doesn’t need to be a lawyer, but this person does need to be ready and willing to make important decisions for the person in question. This document allows someone to appoint a person to act on their behalf in legal and medical matters. Power of AttorneyĪ power of attorney is a legal document that differs from the two already outlined on this page. According to the Mayo Clinic, these can be included in a living will but should also be added separately to a person’s medical file with their primary physician. However, studies have shown that seniors are more likely to discuss end-of-life care with their lawyers than with their physicians.įYI: A living will differs from a Do Not Resuscitate (DNR) or a Do Not Intubate (DNI) order. These options should be discussed with a doctor before putting together this type of document. There is a wide range of factors to consider when putting together a living will. This can range from CPR to the use of ventilators, antibiotic treatment, pain management, and organ donation. Living wills can provide peace of mind by giving doctors and family members a guide to what a person does or does not want to have done in order to keep him or her alive. Rather than detailing what should happen to a person’s assets after death, a living will is a legal way for an individual to outline their wishes for their own health and care in the event that they are unable to communicate these kinds of these decisions due to mental or physical disability. Once inheritance taxes have been paid and any debts settled, the executor handles the remaining provisions. This is to effectively certify the validity of the will. After the testator has passed away, their will is filed through probate court. The person the will is for is called the testator, and his or her will should name an executor, a trusted person (typically a family member or friend) that is tasked with carrying out the wishes outlined in the will. These documents can also indicate intended guardianship of dependents. This applies only to assets that are not owned jointly. However, we recommend everyone get advice regarding the following four key components: A WillĪ will is a legally binding document that specifies what happens to a person’s assets after their death. Anyone with financial assets should consider how they want them handled in the event of their passing.įour Key Components of Estate Planning There are four key components of estate planning.ĭepending on the size and complexity of an estate, planning its inheritance can be a complicated process. Coping with a loved one’s passing is already difficult enough the last thing you want is to have family members squabbling over entitlements.Ĭonsidering people can die at any age, there is no ideal age at which estate planning should be done. It can also make some of these decisions easier for family members that otherwise may be left to make choices without a road map. This can help ensure that their wishes are followed even if they become incapacitated. Estate planning also provides an opportunity for an individual to make decisions about their own health, future medical care, and funeral arrangements while they are still capable. Why Estate Planning MattersĮstate planning allows a person to decide how their assets are inherited. Often, we think of estate planning as synonymous with wills however, a will is only part of an overall estate planning strategy, one that will ideally include a will, a living will, a power of attorney, and trusts. This can be done by the individual or a family member, and it’s the easiest, surest way to make sure that possessions go where intended. Best Prescription Discounts for SeniorsĮstate planning is the way a person can choose what happens to their assets.
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