Estate Planning
There are four necessary documents for estate planning. The care recipient must execute each of these documents while legally competent. In the explanations below, the terms "principal" or "you" refers to the the care receiver, the one signing these documents.
- Durable Power of Attorney: This appoints an agent(s) appointed to manage your financial affairs. The agent can manage your affiars if you become cognitively incapacitated, without the need for a court-appointed guardian. There are different types of powers of attorney. It is important to speak with an Elder Law Attorney to see which one is best for you.
- Health Care Proxy and Living Wills: These are advance medical directives. The Health Care Proxy lets you to appoint someone you trust, for example, a spouse, child, or other family member, or close friend, to make health care decisions for you if you cannot do so yourself. When appointing a health care agent, speak with them about the type of care you want at the end of life care such as artificial nutrition and hydration (tube feedings). A Living Will does not appoint a health care agent, but does give instructions about end of life care.
- Will: Your will takes effect after you die, and it will direct the administration of your estate, including who will manage your estate, and who gets your assets.
- Living Trust: A living trust is in effect during your lifetime and continues after your death. A trust is sometimes called "a will substitute" because it also directs distribution of property after death but unlike a will, the property placed in a living trust avoids probate. A living trust can also assist in management of your assets during your lifetime.
This site does not provide legal advice. You should consult a lawyer.