Wills and trusts are two vital components of an estate plan, but there is more to think about when you’re getting everything in order. You need to think about your final days so that you can determine how you will protect your interests.
Setting up plans for your finances and your health care can help to ensure that people follow your wishes. These components are also important because they minimize the chance that neglect will occur if you can’t speak up for yourself.
Financial and health care plans
Take a moment to think about how your bills will get paid if you can’t do it yourself because you are incapacitated. The person you name in the financial powers of attorney document will take those tasks on if you are deemed legally unable to do them yourself.
For your health care, you can also name a person in the health care powers of attorney. This person works closely with your doctors to ensure that your wishes are respected if you can’t speak up for yourself. You also need to have a health care directive. This is sometimes known as a living will, and it outlines exactly what you are willing to accept and not accept for medical care.
There are sometimes other documents that you need to have in place. One of the most important is the “do not resuscitate” order. This is only necessary if you don’t want extreme life-saving measures. Even this has limits because emergency responders won’t abide by this if someone calls an ambulance. You must ensure that you are wholly comfortable with what goes along with the DNR.
Choosing and appointing individuals
Some people name their next of kin to these positions. However, this can put pressure on that person to make serious decisions at a time when they need to focus on caring for you. Alternatively, you could appoint someone you trust, but who will be able to make decisions based on what is best for you instead of their own feelings.
You must ensure that you have all the documentation in place to handle every situation that might manifest if something happens to you. All of these components work together to help make your final days and the period after your passing a bit easier for your loved ones.