Options Available To You When Planning Your Estate
When engaged in estate planning, there are several documents you might need to use so you can have control over important decisions and so that your family members will be able to avoid hassles and unnecessary expenses. These documents will also give you peace of mind.
An Advanced Directive
One way to have control over your healthcare is to create an advanced directive. This will provide direct instructions on how you would like your healthcare to be handled. There might be a point at which you may no longer want to receive medical treatment. You might also want to provide instructions about whether you would like to receive specific pain medications.
Durable Power of Attorney for Healthcare
When you give someone power of attorney for healthcare, you are providing that individual with the ability to make healthcare decisions on your behalf. This is useful if you become incapacitated. You will want to choose someone who knows your healthcare wishes and who you can trust.
Durable Financial Power of Attorney
In addition to putting someone in charge of your health, you may also give them control over your finances before you pass away. For example, if your assets will need to be used in any way or if you'd like payments to continue to be made to certain accounts, you will have this option. This is especially useful if you would like a party to be able to take action when their name is not on your account.
A Revocable Living Trust
If you would like to continue to manage your finances but you would like someone to be able to step in and take control if necessary, you may need a revocable living trust. You are also able to make changes to your trust whenever you'd like. If you recover, you are always allowed to revoke your trust if you believe that you no longer need it. A living trust can give you more flexibility than a will.
How to Choose the Right Option
You should always begin planning your estate with the help of an estate planning document preparer. By explaining your goals, your preparer will help you find the right option for you. Your estate planning document preparer can make sure that the documents that you submit will ensure that there be fewer disputes and less of a likelihood of litigation when your family members consider contesting your will.
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