The process of estate planning should best be viewed as a holistic endeavor that includes the eventualities of the twilight years leading into your ultimate passing. As a result, there are some things to take into consideration that are not purely financial in nature.
One of these would be the possibility of suffering from incapacity as a senior citizen, or for that matter at any point in your life because unexpected tragic occurrences do take place impacting people of all ages.
Advance directives for health care are something that should be a part of every comprehensive plan for the future. With these instruments you make some choices that would hold sway if you were to become unable to communicate in the future.
One such directive that is recommended is the living will. This is the document that you use to let everyone know how you feel about the use of artificial life support systems.
Another directive that should be a part of the plan is the durable power of attorney. These documents are used to name individuals of your choosing to make decisions in your behalf should a time come when you cannot make them on your own.
A HIPAA release is also something that you should have among your incapacity planning documents. With this release you allow individuals of your choosing to be able to have access to your medical records. Clearly your attorney-in-fact that you have empowered to make medical decisions in your behalf would need access to your records.
Latest posts by Saul Kobrick (see all)
- Will Robots Care for the Elderly In the Not Too Distant Future? - July 26, 2018
- Understanding How Social Security Works to Fund Your Retirement - July 24, 2018
- 6 Important Estate Planning Considerations – Part 6: Taxes - July 19, 2018