Living Will Estate Planning
Planning an estate is required to delegate control and manage the assets you own before your death. It allows the distribution of assets to occur as planned based on preferences. Factors that affect estate planning vary according to the lifestyle, physical well being, net worth, and personal preferences of the planner. In order to get a better understanding of some of the different terms associated with estate planning the following information is intended as a starting point. It is important to consider estate planning after reaching adult age.
Durable Will
A Durable Will can most likely fulfill the need to ensure certain members of the family or friends receive specific items within the home in the case of a small estate. This along with the mortgage service of either selling or giving the home to another party may be a decision made within the confines of a will.
A Trust
Trusts allow those with extensive property and assets to determine how they will be disbursed after the death of the owner. A trust reduces the tax burden as well as the media attention that may result when estate planning ends in probate. Though a will is present, there may be no trust to settle distribution of the assets to the family or other heirs. A trust can provide protection from legal action against the assets such as a lawsuit or debt collection and creditors.
Because a serious illness or accident can happen to any one of us at any time it is necessary to consider these three estate planning medical guidelines.
The first is a Do Not Resuscitate order (DNR).
Estate planning in the form of a Do Not Resuscitate order is used in the case of a serious illness from which a patient may not recover without the intervention of medical personnel The written contract provided by a doctor is signed by the patient and or the patient’s family. This DNR informs the physician and all family members and doctors that the resuscitation of such a patient should not be attempted.
Durable Power of Attorney for Medical Care
The second medical guideline is the durable power of attorney relating to medical health care. This gives a person the authority to control the management of mortgage holdings or investments when the patient does not have the capacity to do so themselves.
Living Will
The final medical guideline is the living will. This document gives detail about medical treatments and prolonging the life of an individual. The contract is not admissible until the patient becomes unable to voice or indicate their wishes in terms of medical rights.
This is due to the ravages of a terminal disease or having reached a non-responsive state from which the patient will most likely not recover. It is under these conditions that the declarant or executor assumes the rights given them by the living will.
Estate planning should be done with or for a loved one while they are cognizant and coherent, well able to consider the alternatives that are available in handling their mortgage service needs or their medical treatment resolutions.
For assistance with your estate planning visit the managing wealth creation website.
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Living Will Estate Planning – LawWebTV
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