Illinois residents looking for help creating an estate plan may need to consider things they did not believe were part of the process. An estate plan in your mind may have meant what happens to your items after your death. While this is true, there are aspects of your way of life that also need addressing.
Choosing a person or persons to make critical decisions on your behalf is essential. The knowledgeable professionals at McCarthy & Allen want to tell you about two documents that everyone should include in their estate documents. They trigger while you are alive, and set you and your family up for a peaceful transition to the next stage.
Medical power of attorney
It is beneficial to plan for a time when you cannot make medical decisions for yourself. If you become incapacitated due to an illness or accident, you should appoint someone to make decisions on your behalf. Whether it is a temporary condition or permanent, the person you choose should abide by your wishes. Your preferences may go in the directive or a separate document. If you do not pick someone, your next of kin may automatically have this duty. It is better to make this decision while you still can.
Financial power of attorney
A financial power of attorney designates the person you want to handle your money if you no longer can. This person would make decisions and complete tasks relating to:
- Paying for medical care
- Tending to your household bills
- Liquidating assets to pay for long-term care
The person you appoint to handle your finances will have complete access to your portfolio. Therefore, choosing someone who makes sound financial decisions and is trustworthy is imperative.
Choosing a person to handle your medical and financial wishes is a crucial part of estate planning and long-term care. Visit our website here for more insight.