When people think about estate planning, they picture what happens after they pass away. But two of the most important documents in any plan are about what happens while you are still alive and unable to make decisions for yourself.
A durable power of attorney lets you name someone you trust to handle your finances if you become incapacitated, paying bills, managing accounts, and keeping your affairs in order. Without one, your family may have to ask a court to appoint a conservator, which is slow, public, and expensive.
An advance health care directive does the same for medical decisions. It names the person who can speak with your doctors and make care decisions if you cannot, and it records your wishes so that those closest to you are not left guessing.
These documents matter for every adult, not just retirees. Illness and accidents do not check your age first. Having them in place is one of the kindest things you can do for the people who would otherwise have to step in.
We prepare both as part of a complete estate plan, and we explain exactly how and when they take effect. Start with a free consultation.
This article is general information, not legal advice, and does not create an attorney-client relationship. Estate and business law change and depend on your specific situation. Speak with Donald W. Flaig before acting.