So, what are the functions of these documents? There are documents that operate while you are alive (medical powers of attorney, financial powers of attorney and do not resuscitate [DNR] forms), there are documents that operate solely after one dies (wills).
Living: medical directive, medical power of attorney and financial power of attorney: These documents tell your loved ones your wishes if a catastrophic medical situation arises. They give your loved ones the responsibility of stepping into your shoes and making those medical decisions for you based on your request in the documents.
Living, but incapacitated: Financial Power of Attorney: This document is used when you are unable to make financial decisions about your life. This gives another person the right and responsibility to make financial decisions as if they are you.
After death: Will: The will is a blueprint that tells your chosen executor what to do with your belongings when you die. It can be general or specific, down to the ring you want to leave to one child, or a portion of assets you want to leave to grandchildren. It makes dividing your belongings easier for those you leave behind.
1. I would recommend considering a LIVING TRUST, which was completed absent from an otherwise informative, easy to understand document. This structure eliminates your estate from the lengthy & expensive PROBATE PROCESS.
2. For those that are a little more document “handy” there are websites (LAW DEPOT,etc) that offer very good documents that you can customize to suit your situation & are very inexpensive. At a minimum by reviewing the documents online prior to visiting an attorney you will be better prepare for the information that will be needed. Most attorneys charge ridiculous fees to draft what for most people are straight forward documents. 3. One document that is not available online is a irrevocable trust (can’t take the assets back). This document allows you to maintain direction over assets during your life or becomes active to direct your assets after your death. This is quite important when minor children are part of your planning.
4. OK all you attorneys out there, start lam blasting me. (I’m laughing)
We need to do living wills ,power of attorney for health, Power of attorney for finances, and someone to check our will which was made out many years ago in IN. Cost is a factor can u reply. We r Currently staying in Fl and are escapees.
Hi Linda! You can reach Susie directly at Loring and Associates. http://www.loringlaw.com/ She and her team will be happy to schedule a free consultation over the phone to answer your questions.