![]() Some of the most high-profiled court cases over ending life support concerned patients who were in their 20s when they fell into a vegetative state. Living wills aren’t just for older patients. It also lets you spell out your wishes for pain management or organ donation. This document lets family members and health care professionals know what life-prolonging measures you want-or don’t want-if you fall into a persistent vegetative state or develop a terminal condition. If co-agents were to disagree about your medical care, the dispute might have to be settled in court. Even if your state allows co-agents, it’s recommended to appoint only one for simplicity’s sake. Some states prohibit naming more than one health care agent to serve at the same time. Choose an agent who would be a strong advocate on your behalf and honor your wishes. The health care power of attorney allows you to name a person as an agent who can make medical decisions on your behalf if you’re unable to do so. Check with the institutions that you or your loved one deals with to ensure you complete the correct paperwork. Make sure you choose an agent who is trustworthy and adept at handling money.īe aware that some banks and brokerages have their own power-of-attorney forms. It typically gives an agent broad authority to manage finances-from paying bills and filing tax returns, to investing money and selling property. This document lets you name someone as your agent to make financial decisions on your behalf if you’re incapacitated. See item #6 below for more information about reviewing your current insurance beneficiaries. Those assets are directly transferred to the beneficiaries that you should have named within those specific accounts. Note: Wills don’t control how life insurance, bank accounts, IRAs and other assets with named beneficiaries are distributed. See our 7 Good Reasons to Change Your Will to get started. Wills should be reviewed periodically and updated when needed. If you leave behind young children, the court would appoint a guardian for them, without any input from you. If you die without a will in place, your assets will be distributed based on state law, which might not be what you or your loved one wants. For parents, a will lets you name your choice of guardian for your minor children. You also can name an executor or personal representative who will carry out your wishes. This key document allows you to spell out how you want your assets distributed. The next step is to get the necessary documents to put the estate plan in place so survivors can make sure last wishes are honored. That can make loved ones more willing to discuss what, if any, planning they have done so far. One way to start the conversation is to share how you’re addressing your own estate planning. ![]() But the discussion is key to learning what your loved ones’ goals are for their estate, their wishes for their medical care, and who they want acting on their behalf. ![]() ![]() It may be a bit uncomfortable at first, particularly when the subject involves money and mortality. The first step is a conversation, especially if you are helping older parents or other loved ones with estate planning. Start with an honest and open conversation Whether you’re doing estate planning for yourself or helping an older loved one to draw up an estate plan, follow this checklist of necessary documents and next steps to get your affairs in order. Plus, having estate planning documents that clearly spell out your wishes will help make things much easier for those who are left behind and grieving. In addition, estate planning can be put in place to help determine who will be the guardian of your young children, or deciding who should be in charge of making financial or medical decisions for you if you’re no longer able to do so. It’s a fancy-sounding term that simply means taking the time to decide who will receive any assets you own-such as real estate, insurance policies and savings accounts-after you’re gone, and making that designation legally official. You don’t need to have a big “estate” to do “estate planning.” The truth is, estate planning is more than about money. That’s often because they procrastinate or they don’t believe they have enough money to leave to heirs, according to a recent survey by. adults don’t have any estate planning documents.
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