It is never too early or too late to take control of your estate. While estate planning is for everyone, seniors need to consider this on priority. You have worked hard for decades to earn your wealth and assets, and after you are gone, your estate should go to the right people. There are various contingencies that you should plan for – like your inability to make financial and medical decisions after an age. Talk to an elder law attorney near me to know more about the process. For your help, here is an overview of elder law documents.
- Medical Directive. This is an important document that allows you to decide about the kind of treatment and care you would want if you become ill or incapacitated. You can mention many details in the medical directive, including whether you want ventilator support.
- A power of attorney for healthcare. This is another document that allows you to assign your healthcare and treatment decision to a loved one. If you become ill or incapacitated and cannot make your decisions, your family may feel overwhelmed with the choices. With a power of attorney for healthcare in place, someone is in charge of these decisions.
- A power of attorney for finances. As the name suggests, a power of attorney for finances allows you to decide who gets to take financial decisions if you are incapable of doing so. There are different types of documents you can consider. A limited power of attorney is granted for a limited period. A general power of attorney allows someone of your choice to have the same rights and powers as you. A durable power of attorney gives you a choice to appoint someone to make decisions if you become debilitated.
- A revocable living trust. Probably one of the most important documents that you will ever make, a revocable living trust allows your family and loved ones to avoid the probate process and retain control of your estate. You should have a revocable living trust without further delay.
- A will. The last one on this list is a will, which determines how your assets and estate will be divided as per your wishes. A will comes into effect only after the death of a person, and it must go through the probate process. You can also create a self-proving will, which must be notarized.
Talk to an estate planning expert or elder law attorney to understand more.
