Things change. You acquire “stuff”. You get married. You buy a home. You have children – fuzzy faced or not. You accumulated some savings. You travel to faraway places. You are getting divorced or your spouse died. You have a degenerating disease or condition. Who is going to serve as your “voice” to manage your affairs when you aren’t here to do it or you need help doing it? With a few modern planning documents, you can control who that person is, what they can do for you, and how they do it.
What follows are a few of the modern planning documents that you can use for your "starter kit" to maintain control over your assets and over your person.
· DURABLE POWER OF ATTORNEY. A durable power of attorney authorizes a person to conduct your legal or financial affairs for you, even in the event of your incapacity. A limited purpose version can also be created for a specific purpose such as a one-time transaction to buy or sell a car or home.
· HEALTH CARE SURROGATE DESIGNATION. Sometimes referred to as a durable power of attorney for health care matters, this document designates an individual to make certain your health care decisions are made in keeping with your personal preferences or religious beliefs.
· LIVING WILL. Whether it says “pull the plug” or “don’t pull the plug”, your living will states your wishes regarding medical actions to keep you alive and comfortable when your physician determines death if inevitable.
· LAST WILL AND TESTAMENT. You last will tell how you want your estate distributed when you die. A trust can offer greater flexibility and incapacity planning but is more complex. To determine which would best suit your needs, consult your estate planning attorney.
If you’ve already had your starter kit documents prepared, remember to update them when things change in your personal situation.
Things can change in the legal environment, too. If you’ve already had your starter kit documents prepared, remember to check with an estate planning attorney every four to five years to make certain your documents still do what you want the way you want it done.
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