This is our next blog in a series about how to plan and care for our aging loved ones. In this article, we list and briefly describe the legal documents that you should have for your senior loved ones. As always, we recommend having them in place well before they are needed.
- Advance Health Care Directive – Also known as a living will, this provides instructions on what kind of medical treatment is wanted, or not wanted, if our loved ones become ill or incapacitated.
- Durable Financial Power of Attorney – This document names someone responsible for asset and financial management. This helps to ensure that someone trustworthy makes financial decisions if our loved one becomes incapacitated or unable to make these types of decisions.
- Durable Health Care Power of Attorney – This document names someone who is responsible to make health care decisions for our loved ones behalf, if they become incapacitated or unable to make these types of decisions. This helps to ensure effective and timely decisions can be made without getting any courts involved.
- Last Will and Testament – This document dictates how assets are distributed after ones death. It also names an executor for the estate.
- Living Trusts – Unlike wills, assets titled to living trusts during lifetime are not subject to probate at death. Assets transferred into the trust can be managed by its owner or another trustee.
Every situation is different. We would be happy to have a specific discussion regarding your loved ones situation or make an introduction to someone who can help.