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Certain documents ensure your ability to assist your loved ones in a medical or financial emergency and, upon their death, ease the distribution of their estate. Your loved ones need to create these documents when they’re still capable of making decisions.<\/p>\n
Medical Directive<\/strong><\/p>\n Also known as a living will or advance health care directive, this document outlines what kind of care your loved ones want to receive if and when they become ill or incapacitated. This directive spells out critical medical intentions, such as handling life-sustaining treatments.<\/p>\n Medical Durable Power of Attorney <\/strong><\/p>\n A durable power of attorney for healthcare names and allows a trusted person to oversee medical care and make decisions for loved ones who can’t do so. Additionally, a HIPAA release gives you access to their health records and to talk with their physicians. When arranging care, you’re legally bound to follow the requested treatment preferences.<\/p>\n Financial Durable Power of Attorney <\/strong><\/p>\n A durable power of attorney for finances allows you to manage your loved ones\u2019 financial affairs when they\u2019re no longer able. You’ll handle mundane tasks such as sorting through mail and depositing Social Security checks, as well as more complex jobs like watching over retirement accounts and managing other investments or filing tax returns.<\/p>\n Revocable Living Trust<\/strong><\/p>\n This trust allows your loved ones to retain control over their estate while still making transfers of assets to beneficiaries. They designate what property (home, investments, jewelry, and so on) goes into the trust and to whom it’ll be granted. A\u00a0revocable living trust\u00a0has two important advantages: 1) you can alter or even void the trust whenever you want and 2) it allows the estate to avoid probate at the time of their death.<\/p>\n Will<\/strong><\/p>\n A will makes it clear who receives assets and personal property left in your loved one\u2019s estate. A properly written will helps avoid disagreements and can keep your estate out of probate\u2014which is often a stressful process. Regardless of how much or how little money is in the estate, a will ensures their wishes are heard. If they own a business, a will can help ensure a smooth legal transition of those assets.<\/p>\n","protected":false},"excerpt":{"rendered":" Certain documents ensure your ability to assist your loved ones in a medical or financial emergency and, upon their death, ease the distribution of their estate. Your loved ones need to create these documents when they’re still capable of making decisions. Medical Directive Also known as a living will or advance health care directive, this document outlines what kind of care your loved ones want to receive if and when they become ill or incapacitated. This directive spells out critical medical intentions, such as handling life-sustaining treatments. Medical Durable Power of Attorney A durable power of attorney for healthcare names and allows a trusted person to oversee medical care and make decisions for loved ones who can’t do so. Additionally, a HIPAA release gives you access to their health records […]<\/p>\n","protected":false},"author":48,"featured_media":42288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[51,924],"tags":[],"class_list":["post-41042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning","category-healthcare"],"yoast_head":"\n