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Wills
Four Important Documents That Can Ensure You Retain Control
By Michael Luftman
Senior Financial Planner, Scher Financial Group
If there are four documents that each American should have in order to retain control over their wishes and decisions, these are them:
A will
A Durable health power of attorney or proxy
A durable financial power of attorney
A living will
Here’s a brief description of each – and why they are so important to your plans:
A will – one that clearly spells out what you want to have happen to your assets and possessions at your death. Without a will, the state may decide where your things are going to go.
A durable health power of attorney or proxy – to assign the person – one that you not only trust, but that is familiar with your wishes - that you want to make health decisions for you if you are unable.
A durable financial power of attorney – to assign the person who will make financial decisions if you are unable. Again, this should be someone that you trust and that is also familiar with your financial philosophies.
A living will – to provide clear instructions as to what treatment you do and do not want if you are unable to speak for yourself.
Note that it’s important that a family member or a trusted advisor know where these documents are kept.
Consider having these documents created if you do not already have them. And, meet with an attorney so that these documents are properly drafted. They can provide you with peace of mind and your loved ones with a clear understanding of your wishes. And, once you create these documents, make sure that you revisit them at least annually to ensure that they are up-to-date and that your current wishes will be met.
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