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02
Durable Power of Attorney (Property)
A Durable Power of Attorney appoints someone as your "agent" to perform various responsibilities regarding your property. These powers can be made to be effective now or upon your incapicty. The unbelievably powerful document is not just for the elderly, which is a commong miscperception. For example, let's say there is a husband and a wife and the wife is traveling out of state to search for a new home to buy. The husband and provide a power of attorney to the wife to sign a purchase agreement on his behalf.
Why having a Durable Power of Attorney is about more than you: No one can predict the future. Because most days we are all fine, it is easy to avoid drafting a Durable Power of Attorney and other estate documents. There is no sense of urgency when the chances of "something bad" happening to you is low...picture a healthy 30-year old with his or her "whole life ahead of them." But, what happens if an unexpected car accident occurs and you are now in a coma or otherwise incapacitated? What if you have an unexpected medical issue, such as a vaccine injury, stroke or seizure? Who will pay your bills? How can they access your money/bank account? A Durable Power of Attorney allows your agent to do these things without government permission. If you do NOT have a Durable Power of Attorney and someone needs to manage your financials, they will be forced to go through an expensive process called a "conservatorship," which oftentimes requires an attorney and a medical examination...all of which that person pays for. Additionally, the "conservator" needs to periodically account to the Court/government/big brother who supervises the process. Don't wait until it is too late. Put something in place now to help those you care about by lessening their financial and emotional expense to help you.
03
Advance Health Care Directive (Person)
Sometimes called a "power of attorney over the person," this important document appoints an "agent" to make decisions regarding your person, including medical decisions. The Durable Power of Attorney addresses financials and property; the Advance Health Care Directive addresses your person and your health.
Why having an Advance Health Care Directive is about more than you: If you do not have this document in place, it places your loved ones in precarious positions, having to make difficult decisions amongst them, such as: Will you be cremated or buried? Will you be placed in a nursing home? Will your organs be donated? Will life-sustaining treatment be administered or terminated? Considering these types of scenarios, do you think it is possible that loved ones may disagree on how to proceed? Yes. While your loved ones all have your best interest in mind, they may disagree on how to proceed with something where you did not leave any instructions, and this can cause lasting, if not permanents, rifts between your loved ones. With an Advance Health Care Directive, your "agents" are following your instructions without leaving any guesswork to your loved ones. This is in both your best interest to ensure your wishes are carried through. It is also in the best interest of your loved ones since they don't have to make those difficult decisions...you already made the decisions for them.
01
Living Trust
A Living Trust is a document that provides instructions as to how your property will be distributed when you pass away. You may be asking yourself: "But isn't that what a Will does"? A Will must go thorugh a typically long and expensive process called "probate," which is supervised by the government. Attorney's are paid "statutory" fees to assist with this process and the distribution must be approved by big bother (i.e., the court/the government). A Living Trust, on the other hand, is a private process that avoids probate.
Why having a Living Trust is about more than you: It is extremely hard on loved ones and anyone else when someone dies, both emotionally and financially. It is unbelievably overwhelming. Having a Living Trust minimizes legal fees, which means more finances available to whoever you are passing your property along to. Additionally, it lessens the burden on whoever it is that is tasked with distributing your property because you have clear instructions in place.
04
Will
Not only does a Will distribute your property when you die, it also nominates guardians for minor children. If you die without a Will or a Living Trust, the government distributes your property according to law, called "intestate successtion." You may not agree with how the government would distribute your property. While a Living Trust is more expensive to draft, it is usually a better option than a Will. However, a Will is typically better than nothing.
Why having a Will is about more than you: No one can predict the future and your life may be cut short unexpectedly. Without a Will in place, the government will distribute your property pursuant to state law, which may be different than what you would have chosen. Having a Will in place lets others know how you wish to distribute your property when you die. Additionally, if you have minor children, you can nominate guardians to step into your shoes in your absence, rather than rely on the government to make that choice.