The biggest oversight in Estate Planning
Planning for your potential incapacity is a vital part of any well thought out estate plan. While this is not a part of estate planning that most people think of, it is essential to making sure that you and your property are protected if you are unable to take care of them for yourself.
- Powers of attorney
A power of attorney is a document that allows another person to act on your behalf. While the concept is straightforward, there are some crucial choices you will need to make when deciding to execute a power of attorney. First, when do you want it to become effective and when do you want it to become ineffective? There different types of powers of attorney each of which take effect and/or become ineffective at deferent times. In addition to you will also have to choose what powers you will give your agent. The most important choice you will have to make is who will be your agent.
- Directives to physicians
A directive to physicians sometimes called a “living will,” is simply a document that provides instructions to your doctors if you become unable to communicate with them.
- Medical Powers of attorney
A medical power of attorney allows another to make medical decision for you if you become unable to communicate with your doctors.
- Designations of guardian
A designation of guardian states whom you wish to be the guardian of your children if you become unable to care for them.
- Designations of guardian before need arises
A designation of guardian before need arises states who you wish to be your guardian if you ever need one.