Four Legal Documents Everyone Needs
1. A DURABLE POWER OF ATTORNEY FOR HEALTHCARE AND HIPAA RELEASE
-
Gives your agent authority to make healthcare decisions when you cannot make decisions for yourself
-
Names the person that you desire to serve as your guardian, if needed
-
Allows you to decide whether life support will be continued in event death is imminent
-
Allows you to limit the type of medical care that can be performed on you, such as organ donation, organ transplant
2. A DURABLE POWER OF ATTORNEY FOR FINANCES
-
Allows you to decide who will make financial decisions for you
-
You can limit the amount of authority to a specific time frame or specific act
-
You can have the power go into effect immediately or come into effect in the future
-
There can be problems getting financial institutions to accept them
3. A WILL
-
Allows you to determine who will inherit your assets
-
Not effective unless assets are titled correctly
-
Requires assets to pass through probate
4. A REVOCABLE LIVING TRUST
-
Allows you to determine who will inherit your assets
-
Not effective unless assets are titled correctly
-
Allows assets to avoid probate
-
Avoids conservatorship/guardianship on assets held in trust
-
To be effective assets must be titled in the name of the trust