CRITICAL ESTATE FINANCIAL DOCUMENTS
Estate planning is well worth the effort, especially with the help of FSG. Today we want to take a look into six types of financial documentation with further details on important details of how they work. These critical estate financial documents are:
- Durable Power Of Attorney
- Power Of Attorney For Healthcare
A Joint Ownership is a document that allows you to own property jointly with someone else. This does not typically allow for anyone to be responsible for your financial affairs in the event that you lose your ability to communicate. Joint ownership will allow you to specify where only your joint-owned property goes once you die. This is a private document that goes into effect immediately after being recorded.
A Durable Power of Attorney is a document that authorizes someone else to make legal and financial decisions on your behalf should you become incapacitated. This private document allows you to choose someone to manage your financial affairs under specific circumstances when you are unable. This comes into effect upon the trigger of a specific event, such as you becoming incapacitated.
A Living Trust is an entity created to hold your belongings until you die. The trust document allows you to choose where your belongings will go, rather than assigning that role to another person. It does not authorize anyone else to make changes to where your belongings go, and it goes into effect the moment the document is signed and funded.
A Living Will is a document that gives instructions regarding your medical treatments and artificial life support once you lose your ability to communicate. These are private documents that do not expire and can be revised or revoked at any point.
A Power Of Attorney is a document that will authorize someone else to make legal and financial decisions on your behalf once you lose your ability to communicate. Although the duration is specific to each document, it may be changed or revoked at any time. It typically goes into effect once a trigger event happens, such as you being incapacitated.
A Power of Attorney for Healthcare is a document that authorizes another person to make healthcare choices for you upon the event you lose the ability to communicate. This tool typically does not contain any medical wishes, but instead allows someone to act on your behalf. The duration is specific to each document, but it may be revised or revoked at any point. Typically it only goes into effect once a trigger event happens, such as you being incapacitated.