The great thing about estate planning is that there’s so many different tools you can use to address your concerns.
A Will for example, can distribute your assets and even name a guardian and/or conservator for your kids.
A Trust on the other hand, can help you avoid probate and keep your estate private and away from those who browse public records looking for opportunities.
But what about disability? How do you protect you and yours if you’re unable to speak on your own behalf?
Fortunately, there’s a collection of documents known as Advanced Directives to offer you just this kind of protection.
The first document you’ll need is a Living Will. This document tells your healthcare providers how to treat you in certain medical situations. Do you want to be put on life support? Do you want your doctors to take extraordinary measure to revive you? These are decisions that you need to make and a Living Will informs your healthcare providers of your choices.
You’ll also want to have both a Healthcare Power of Attorney as well as a Financial Power of Attorney. These two documents allow you to designate someone you trust to speak on your behalf in matters of medical treatments and financial issues, respectively.
The Healthcare POA ensures that someone of your choosing can make medical decisions for you in the event that your particular situation is not covered in your Living Will. Likewise, the Financial Power of Attorney allows someone to pay your bills for you, access your checking account and even negotiate contracts and real estate deals if you so choose.
If you’d like to learn more about planning for disability, give us a call today.