It's time to take care of your estate planning. In addition to life insurance and a well-written will, there are a few other things you'll need to take care of before you pass. Don't leave anything to chance. Here are four things you need to do that will avoid problems for you and your beneficiaries.
Separate the POAs
When planning for your estate, it's important to realize that there are two different types of power of attorney. The durable power of attorney will allow an agent of your choosing to make financial decisions for you. The medical power of attorney allows your agent to make medical decisions for you. To ensure that you're properly protected, you should assign each power of attorney to separate agents.
Sign a Release
If you should become incapacitated, your loved ones will need access to your medical information. A release-of-information form will ensure that your loved ones have the legal right to obtain your medical information for your healthcare providers.
Have an Advanced Directive
You know how you want to live and die. If you're concerned that your final wishes won't be carried out, you should consider including an advanced directive with your estate plans. An advanced directive will allow you to choose how your medical treatment will be carried out, should you become too incapacitated to express your wishes.
For instance, if you don't want extreme measures to be taken to save your life, you can include those instructions in your advance directive. It's also important to note that an advanced directive will prevent your loved ones from being faced with painful decisions regarding your treatment.
Create a Living Trust
Probate can tie up your estate for years. If that happens, your family will be prevented from using the proceeds from your estate until the court releases the assets. By creating a living trust, you can determine where the money goes and bypass the probate courts. Once you set up your living trust, you can continue to use your money as you normally would. When you pass away, your living trust automatically transfers over to your beneficiaries.
It's time to sit down and plan your estate. You want to be as prepared as possible. The information provided above will help you prepare for the future. If you have questions or concerns regarding your estate, be sure to sit down with an attorney who specializes in estate planning (like those at Skeen Law Offices) .
Share13 October 2015
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