Wills and End-of-Life Documents: Why You Need Them
Do you have a written will and end-of-life documents?
As we journey through life, we realize that mortality can be brief.
"End-of-life" documents, or "advance directive"
...help ensure your healthcare wishes are carried out as you near death and after you die. They’re also used if you’re incapacitated, you are unable to tend to matters regarding your own well-being.
Advance directives include proxies, living wills, do-not-resuscitate (DNR) orders, and organ donor cards
...all of which are meant to protect you when you can’t speak for yourself.
While often thought of as something only older adults need to have in place, the COVID-19 pandemic put a spotlight on the importance of these documents for all adults." Without these key documents, personal assets and estate can be bogged down in probate, your personal wishes are not known or honored.
(Quoted from: What Are End-of-Life and Advance Directive Documents? Living Wills, Proxies, and Do-Not-Resuscitate Orders by Trisha Torrey)
END-OF-LIFE DOCUMENTS: What are They?
Living Will.
""Living will," "health care directive," and "advance directive" all refer to the legal document that let people state their wishes for end-of-life medical care. The requirements for a living will vary by state. To be valid, a living will must meet state requirements regarding notarization or witnesses. A living will can be revoked at any time." (Source: AllLaw.com)
Last Will & Testament.
A last will and testament is a legal document that communicates a person's final wishes pertaining to their assets. It provides specific instructions about what to do with their possessions. It will indicate whether the deceased leaves them to another person, a group, or wishes to donate them to charity." A will and last testament directs the disposition of your assets, such as bank balances, property, or prized possessions. It will detail who is to receive property and in what amount. It can establish guardian arrangements for surviving dependents. A will names an executor of the will. That person is responsible for administering the estate. A probate court usually supervises the executor to ensure that the wishes specified in the will are carried out. (Source: Investopedia)
Living Trust.
"A living trust is a legal document which places ownership and control of property into a trust, managed by a trustee for your benefit. Living trusts are often used as part of estate planning." (Source: Forbes Advisor)
Beneficiaries for all Financial Accounts.
"The holder of a financial account designates beneficiaries to receive the assets in the account, typically, in the event of the account holder’s death. To name a beneficiary, you’ll likely be asked to fill out a form. Some bank beneficiary account rules let you do the process online. In either event, it’s generally not complicated or difficult and doesn’t require you to find a notary." (Source: Forbes Advisor)
Do-Not-Resuscitate (DNR) Order.
"A legal order written by the patient or health care power of attorney (HC POA) to withhold CPR (cardiopulmonary resuscitation) or ACLS (advanced cardiac life support) in case their heart stops beating or if they stop breathing." (Source: 99Science.com)
Financial Power of Attorney.
"A durable financial power of attorney can avoid financial disaster in the event you become incapacitated. Financial power of attorney (POA) gives another person the ability to conduct your financial matters when you cannot be present. A financial POA grants agents the power to carry out finance-related tasks, such as withdrawing money from your bank account or signing papers for you at a real estate closing." (Source: legalzoom.com)
Medical Power of Attorney.
A medical power of attorney (MPOA) is a legal document that lets you choose someone to make health care decisions for you if you can't. This person, called your agent or attorney-in-fact, can only act when a doctor says you are incapacitated, meaning you can't understand or communicate your wishes. You can specify what kind of decisions your agent can make, such as whether to accept or refuse life-sustaining treatments, organ donation, or experimental therapies. (Source: Ramseysolutions.com)
Organ Donation.
Funeral Plan and Obituary.
"Generally, the executor of the deceased person’s estate is responsible for making funeral plans, and the costs are covered by the estate." (Source: Nerwallet.com) A funeral home can provide assistance and templates. A funeral plan and obituary can be completed prior to decease.
Personal and Financial Records (including where they are found).
"If your care recipient is one of those rare souls who has organized financial records, be grateful. But if bills, receipts, tax returns, bank and retirement account statements, pension info and Social Security updates are in random order or stored in different, perhaps forgotten, places, do yourself — and your loved one, and the person with durable power of attorney — a big favor: Corral the paperwork and organize it in a way that incoming money and bills due will be evident at a glance." (Source: AARP. Caregiver's Guide to Organizing Financial Records (aarp.org))
Call to Action: Putting "In Place" and "Organizing" End-of-Life Documents
The following web site provides excellent information on how to put in place "end-of-life" documents:
End-of-Life Documents: Proxies, Living Wills, and DNRs (verywellhealth.com)
Sites, such as lawdepot.com, are a source for end-of-life document templates.
Consult with a "Will and End-of-Life Attorney".
SO...What'd we miss??
We welcome your comments: How have you "organized your personal and financial records"?
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