ADVANCE HEALTH CARE DIRECTIVE
Advance Health Care Directives remain the best tool for people to communicate and ensure that their end-of-life treatment wishes are respected and carried out. Unfortunately, most studies show that between 66% - 75% of Americans do not have an Advance Health Care Directive.
One of the major reasons most people do not have this document is due to the misconception that you need a lawyer, which can be an expensive endeavor. This is simply not the case.
The other reason most people do not have an Advance Health Care Directive is because it involves confronting a difficult subject: the end of one's life. While this is true, the peace of mind that comes with knowing that your end-of-life wishes will be carried out will far outweigh the unease you may have in discussing this sensitive subject.
By creating an Advance Health Care Directive, you are also giving a wonderful gift to your friends and family. During the end-of-life process, your loved ones will experience tremendous stress. If you have already communicated your wishes for end-of-life treatment, it is one less thing for them to worry about and may provide some peace, knowing that your are being taken care of the way you wanted to be.
You may also find that bringing up this subject with your family will be a great opportunity to grow closer to one another.
If you are interested to learn more about the Advance Health Care Directive process, please visit the CONTACT US page and reach out to us!
DURABLE POWER OF ATTORNEY
Just like the Advance Health Care Directive gives a designated person the authority to make health care related decisions for you, the Durable Power of Attorney gives a designated person the authority to make legal and/or financial decisions for you in the event that you are mentally or physically unable to do so.
This document is critical to ensure that while you may be hospitalized, bills can be paid, Medicare or Medicaid planning can take place, assets can be sold, etc. Without a Durable Power of Attorney, anyone who wishes to execute these tasks on your behalf would have to go to court to be officially appointed.
It is equally important to remember that for both the Advance Health Care Directive and Durable Power of Attorney the person establishing these documents must be "of sound mind." Once someone becomes incapacitated, it's too late to put these tools to use.
If you are interested to learn more about the Durable Power of Attorney process, please visit the CONTACT US page and reach out to us!
WILL, LIVING TRUST & POUR-OVER WILL
While the above documents ensure your health care, financial and legal affairs will all be taken care of in the event that you are incapacitated, once you pass on, these documents no longer serve that purpose.
Now the Will becomes the document that directs how you want your assets to be distributed. While Wills accomplish the task of expressing your wishes for how you want your assets distributed, they still require your family to go through the probate process, which can be an expensive endeavor. This is where a Living Trust & Pour-Over Will can come into play.
Wills, Living Trusts & Pour-Over Wills can be a complex topic to deal with. At JeWeLL Capital Advisors we can help inform you about your options, but it is in your best interests to seek out the advice of a trusted attorney & tax professional who can help guide you through the process.
If you are interested to learn more about how Wills, Living Trusts & Pour-Over Wills fit into the Estate Planning process, please visit the CONTACT US page and reach out to us!