Estate Planning Devices
If you have financial resources, it is important to make sure that you make plans for what will happen to your financial resources after you pass away. There are a variety of devices that you can use for estate planning and this article will explain a few of them.
One estate planning device to be familiar with is an enduring power of attorney. An enduring power of attorney is a document that gives another individual power to make financial, personal and medical decisions for you should you become incapacitated. This is a powerful planning tool. Accidents or health problems can arise. If you do not have such a document prepared, family members may have to go to court to be able to pay your bills from your bank accounts.
Even in non-financial matters, it is important to make your wishes known. In the medical arena, a living will can lay out how these decisions should be made. A living will allows a person who is currently able to make medical decisions to prepare a document stating what their medical preferences would be should they become incapacitated. This can be very important in case of an accident or unforeseen health issue.
Preparing for the future is very important. It is important to have an individual designated to make decisions about your finances and your health. It is important that this individual knows what you want. Being prepared for the future can help make tragic accidents or unforeseen health problems more bearable for one’s family.
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