6 Legal Documents You Need in Place Today
With the spread of coronavirus and the unpredictability of circumstances, many families are ensuring their legal documents are in place in case of injury or illness.
While often difficult to talk about, it’s important to have advanced directives drafted to make certain your wishes are carried out, even when you’re unable to make your wishes known. In the end, this can save families money, reduce family disputes, and avoid unwanted legal procedures.
Unsure what you need? Here are eight tools used in estate planning to discuss with your attorney:
Power of Attorney
A Power of Attorney allows you to appoint someone who can make decisions for you when you’re unable to make them for yourself. This person can have legal authority over your financial affairs, including property and money.
Healthcare Power of Attorney
With this document, you can designate someone you trust to make healthcare decisions for you if you become ill or disabled. This prevents healthcare providers from making those decisions for you.
Living Will
This is where you declare your wishes for end-of-life care in the event you are unable to communicate your decisions. Your Living Will is different than your Last Will in that it has no power after death.
Last Will and Testament
This document is where you say what happens to your estate when you die – who gets your assets, money, property and any other items you possess after your death. Last Will and Testament also enables you to appoint a guardian for your minor children, as well as provide instructions and funds for the care of any pets you have.
Trust
Asset Protection Trust
This is a financial-planning trust vehicle that holds an individual’s assets with the purpose of protecting them from creditors, lawsuits or any judgments against your estate.
Or
Probate Avoidance Trust
Also known as a revocable trust, this is a tool you can use to determine who will get your property when you die. Most living trusts are “revocable” because you can change them as your circumstances or wishes change.
Funeral Declaration
A Funeral Declaration provides clear instruction as to the planning of your funeral and what those plans should consist of. Having a declaration in place helps alleviate disputes or disagreements amongst family members and relieves them of any difficult decision making.
If you haven’t had the chance to get your advanced directives drafted and you’re wanting to discuss with an attorney, reach out to Applegate Dillman Elder Law to get your documents expedited.
Applegate & Dillman Elder Law
www.Applegate-dillman.com
Rachael Rode
317-492-9569
With the spread of coronavirus and the unpredictability of circumstances, many families are ensuring their legal documents are in place in case of injury or illness.
While often difficult to talk about, it’s important to have advanced directives drafted to make certain your wishes are carried out, even when you’re unable to make your wishes known. In the end, this can save families money, reduce family disputes, and avoid unwanted legal procedures.
Unsure what you need? Here are eight tools used in estate planning to discuss with your attorney:
Power of Attorney
A Power of Attorney allows you to appoint someone who can make decisions for you when you’re unable to make them for yourself. This person can have legal authority over your financial affairs, including property and money.
Healthcare Power of Attorney
With this document, you can designate someone you trust to make healthcare decisions for you if you become ill or disabled. This prevents healthcare providers from making those decisions for you.
Living Will
This is where you declare your wishes for end-of-life care in the event you are unable to communicate your decisions. Your Living Will is different than your Last Will in that it has no power after death.
Last Will and Testament
This document is where you say what happens to your estate when you die – who gets your assets, money, property and any other items you possess after your death. Last Will and Testament also enables you to appoint a guardian for your minor children, as well as provide instructions and funds for the care of any pets you have.
Trust
Asset Protection Trust
This is a financial-planning trust vehicle that holds an individual’s assets with the purpose of protecting them from creditors, lawsuits or any judgments against your estate.
Or
Probate Avoidance Trust
Also known as a revocable trust, this is a tool you can use to determine who will get your property when you die. Most living trusts are “revocable” because you can change them as your circumstances or wishes change.
Funeral Declaration
A Funeral Declaration provides clear instruction as to the planning of your funeral and what those plans should consist of. Having a declaration in place helps alleviate disputes or disagreements amongst family members and relieves them of any difficult decision making.
If you haven’t had the chance to get your advanced directives drafted and you’re wanting to discuss with an attorney, reach out to Applegate Dillman Elder Law to get your documents expedited.
Applegate & Dillman Elder Law
www.Applegate-dillman.com
Rachael Rode
317-492-9569
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