It is normal to think about heirs and beneficiaries while making an estate plan. Important steps to take to guarantee a seamless and lawful transfer of assets after death include establishing trusts, naming beneficiaries on financial accounts, and preparing a last will and testament. However, it’s crucial to continue the estate-planning process beyond this point.
The only constant in life is that nothing is ever certain. Nobody likes to have to scramble to put their lives back together after a serious incident or medical diagnosis has turned their (or a loved one’s) world upside down.
For this reason, it’s important to include advance directives in your estate plan. Advance directives are documents that outline your healthcare preferences in writing. They can be found in two distinct varieties:
- An Enduring Power of Attorney
- Power of Attorney for Health Care Purposes (POA)
The counselors at GLP Financial Group are always ready to have in-depth conversations about your unique circumstance and address any concerns you may have.
Briefly Explain What a Last Will and Testament Is
I already have a will, you might be thinking. My sister will be getting the motorbike, and my spouse will be getting the home.
But a Living Will has nothing to do with money. You can specify in a living will whether or not you wish to receive life-prolonging therapy. This report might be useful if you’re thinking about:
- Airflow augmentation device
- Suction-assisted feeding tube
After death, you can also choose how you want your body handled. Would you like to give your organs or your body to science, for instance? In a Living Will, you can express your final intentions.
One’s home state determines whether or not a Living Will is binding. Even if a Living Will is not legally enforceable, it nevertheless serves as an official record of your desires and can be used to offer end-of-life instructions to loved ones and medical providers.
Power of Attorney for Health Care
One more variety of advance directives is the Medical or Healthcare POA, which also goes by the names “healthcare agent,” “healthcare proxy,” and “patient advocate.”
If you’ve set up a Healthcare or Medical Power of Attorney, that person will be in charge of making decisions about your care in the event that you become unable to do so. The person you choose to act as your advocate should be someone you can trust to make important healthcare choices and speak for your preferences if there are any difficulties.