Not only are Millennials not talking about end-of-life care with their parents, according to the American Bar Association “Statistical studies show that 55 percent of Americans die without a will or estate plan.”
In order to save your loved ones completely avoidable additional pain and legal hassles, take the time to begin your estate planning today.
Here is the good news….we provide a free initial consultation and it is easy to get started.
Estate Planning 101
First and foremost, when you begin discussing end-of-life care, it is essential to understand the documents involved.
- Wills: Your will outlines who will be in charge of your estate at the time of your death. Designating the executor of your will is just the first step.
- Living Trust: The “preferred” method of transferring assets upon your death, a living trust can help your loved ones avoid probate when you pass away. Trusts typically contain personal property and documentation indicating what should happen to these assets once you’ve died.
- Durable Power Of Attorney: This document ensures a person of your choosing has the authority to make decisions regarding your life if you are “incapacitated” or unable to make decisions on your own. This includes financial and legal decisions.
- Health-Care Proxy: Similar to the durable power of attorney, your medical power of attorney has the authority to make medical decisions on your behalf if you are unable to make these decisions yourself.
- Advanced Health Care Directive: This form allows you to list your healthcare preferences; it can be used in conjunction with your health-care proxy to ensure that decisions regarding your medical wishes are enacted as closely to your wishes as possible.
- HIPPA Release Form: When dealing with medical issues, another hurdle that can be prevented by preemptive preparation is a HIPPA release form. This form allows those people listed on your advanced health care directive, in addition to your health-care proxy be allowed to access your healthcare information so they can deal with matters on your behalf should you be unable to.
Why Now Is The Best Time To Plan
If you don’t plan now, and the unimaginable becomes reality, your loved ones will face legal obstacles, hurdles and battles that could have been avoided. By simply taking one afternoon to talk to your legal advisor, personal planner or lawyer, you can help your loved ones avoid unnecessary costs, financial duress, legal headaches and additional pain.
Always be prepared for the worst. Don’t take on a pessimistic outlook toward life, but as a way to ensure you enjoy life to its fullest, make sure you and your loved ones are covered in case the unthinkable occurs. To plan for the worst, experts recommend that everyone fill out and sign a health care directive or living will and designate a representative to make medical decisions with a health care proxy.
Give me a call. You will be glad you did.