No one wants to think of the possibility of their death. But not planning ahead means leaving the burden to your family and friends when you are gone. And without the proper documents in place, it could be setting them up for legal snares, financial issues and many years in court to get your estate settled.
No doubt, planning for the future from a legal and financial perspective can be confusing and overwhelming. There are many documents that should be put in place, but sometimes caregivers and their elderly loved ones don't understand the terms that are used, or what each document is for. Here are definitions of the different types of legal documents:
Living Trust
A trust is an arrangement in which you name a person, called a trustee, to hold legal title to your property and funds. You can be the trustee of your own living trust, keeping full control over all property held in trust. A living trust (also called an "inter vivos" trust) is simply a trust you create while you're alive, rather than one that is created at your death.
Will
A will is a document containing your instructions and wishes as to how your property, assets and estate are to be distributed after your death. It contains the names of the people you want to benefit, as well as details of your possessions at the date of your death. The people you want to benefit are called beneficiaries.
Durable Power of Attorney for Finances
A durable power of attorney (POA) gives a designated person the authority to make legal and financial decisions on your behalf. A POA is essential because if you become incapacitated or incompetent without preparing this document, your family will not be allowed to make many important financial decisions or pay bills.
Durable Power of Attorney for Healthcare
Similarly, a POA for healthcare gives a designated person the authority to make health care decisions on your behalf if you become incapacitated and unable to make decisions on your own. A healthcare durable power of attorney works in conjunction with advance directives, do not resuscitate orders and living wills.
Advance directives
The term "Advance Directives" refers to your treatment preferences and the designation of a surrogate decision-maker in the event that you should become unable to make medical decisions on your own behalf. Advance Directives are written instructions about what future medical care you want, should you become unconscious or too ill to communicate.
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Do Not Resuscitate Order
This document instructs health care professionals that no steps should be taken to restart a person’s heart when it stops or to get you breathing again if you stop breathing. A DNR order is normally a result of your healthcare directive, which says that you do not want measures to be taken to keep you alive. The decision to not resuscitate a person must be made by you, or by your agent for healthcare, on a living will or healthcare directive. You do not write a DNR order for yourself.
Instead, you make your wishes known to your physician, who writes a DNR order if and when your condition warrants it. The DNR order addresses your current state of health and the kind of medical treatment you and your physician decide is appropriate under current circumstances.
Living Will
A living will describes and instructs how you want end-of-life health care managed. A living will is one type of advance directive. It takes effect when you are terminally ill.
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