Making your wishes known through Estate Planning

While working in a Continuing Care Retirement Community (CCRC), I quickly learned the power and importance of Estate Planning. Not many are aware that Estate Planning guarantees your wishes are known and fulfilled in life and death at any age.

Estate Planning, what is it?

An estate plan is a written record of your wishes and intentions indicating how you want your property, belongings, cash, and financial assets distributed.

• It can also include:
  • the name of a trustee who will be in charge of investing, paying bills, tax reporting, fulfilling obligations to current and future beneficiaries, and following strict compliance requirements.
  • durable power of attorney,
  • healthcare proxy.

The Power of Attorney (POA) and Healthcare Proxy

A durable power of attorney appoints a trusted relative or friend to manage your legal and financial affairs if you can’t manage them independently. A healthcare proxy gives someone permission to make healthcare decisions for you if you can’t communicate them yourself-also commonly known as a “living will”.

Some decisions and responsibilities for POA’s:

• Selling property (personal and real), managing real estate, collecting debts, and handling business transactions.
• Medical decisions if you are unconscious, mentally incompetent, or otherwise unable to make decisions on your own.
• Financial decisions regarding medical supplies and needs, insurance, credit card cancellations, banking and checking duties, etc.
• Follows through with all requests stated in the estate plan and living will.

The Living Will

A living will is a form of advanced directive, leaving instructions for medical treatment if and when needed.

One aspect may include a “DNR”, which stands for “Do Not Resuscitate”. Meaning, a person wishes to not have CPR administered to them if they stop breathing or their heart stops. This is important, as it can be very hard for a loved one to make this decision for you.

Why is Estate Planning important?

State law and probate court can decide things for you if you do not have an estate plan and advanced directives. It is important for you to create them while you are able.

Having someone else make these decisions could lead to results that might not reflect your wishes. It will also become a burden on loved ones and possibly create family turmoil down the long run…

Make your wishes known!

As I said at the beginning, it is never too early to document your wishes in an estate plan. Knowing how you want to live (and die) or how your property or children are taken care of if you are no longer capable or around should be respected.

It is never to early to create an estate plan! I suggest you research your state bar association for an attorney that specializes in Estate Planning to make sure it is done properly.

-Courtney