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Estate Planning - What You Should Know & Get Done

No one enjoys thinking about their own death. However, all of us must start making our affairs in order. You may think that estate planning was only for the rich and mighty, or that you're too young and healthy to plan for your demise. Or maybe you think you don't need to worry about such things, think again. Nobody knows what will happen next. Even people with modest assets can benefit from good planning. This encompasses more than just writing a will. And, as we all know very well, death doesn't discriminate by age or any other factor. A little forethought in the present about how you would like things to be if and when you're incapacitated or gone can give you great peace of mind. Also, this can spare your family a lot of hassle in the future.

Eleven things that you need to do while estate planning includes:

1. Gather important documents and contact information

Property deeds, vehicle titles, official certificates (birth, marriage, etc.), the contact information for your attorney, insurance broker, doctor, and more — all of these that you can gather. Put in the same safe place early on to make it easier for your loved ones to find them when they need them later. Getting all these materials together should also make compiling your estate plan easier. You will have all the necessary information at your fingertips.

2. Execute a last will and testament

A will is one of the most important estates planning documents you can have. It includes data like where you would like your property to go after your death. If you don’t make a will, the state's intestacy laws are followed. This applies when someone dies without a will. Do not assume that the state will make the same choices you would have made. When you create a will, you, as the testator, should name an estate administrator or executor, a person you trust to handle the distribution of your estate. You can also name a legal guardian if you have any minor children and for their property. If you have beloved pets, leave the name of a carer for them as well.

3. Complete a living will or advance directive

A living will or advance directive is a legal document in which you name someone to communicate with medical personnel regarding your treatment preferences should you become incapacitated or in a situation where you can no longer express your preferences yourself. [1] Issues addressed in a living will generally include breathing tubes, feeding tubes, and other medical treatments.

4. Get a power of attorney

A durable power of attorney allows you to make someone be in charge of making decisions in case you become incapacitated. [2] You can also choose to name a separate health care power of attorney for medical decisions and financial power of attorney for all the financial decisions.

A healthcare power of attorney works simultaneously with a living will. This ensures to follow precisely your wishes regarding medical treatment. To allow others to talk with doctors and nurses regarding your condition, you will need a Health Insurance Portability and Accountability Act (HIPAA) authorization. [3]

5. Keep your beneficiaries updated

If you have life insurance, retirement accounts, pensions, pay-on-death (POD), or transfer-on-death accounts, always make sure to update your beneficiaries. These accounts transfer according to their beneficiary designations and not controlled by your last will. If a change in your family situation happens at any given time, review your beneficiaries and make any necessary changes.

6. Secure your digital assets

Along with online bank, investment, and shopping accounts, many people also have social media accounts that need proper handling upon death of owner. Such issues also need to be taken care of while you're alive. Facebook, for example, has a special section for you to be able to select someone to take over your account when you pass. However, you should also think about what should happen to your social media accounts. This includes your websites, blogs, and any other online activities in which you participate after your death.

7. Plan final arrangements

Final arrangements need to be planned well. Such arrangements can include both organ donation and funeral plans, including their compensation. Using Pay-on-death bank accounts may be the best way to handle funeral expenses. Your will isn't the best place to include this information. It often isn't read immediately. Write a letter to your estate administrator or a trusted family member or friend as the best idea.

8. Make copies and store them safely

Once you have gathered all your estate planning documents in one place, make copies of them and store both in a safe place. You may choose a safe deposit box or fireproof safe in your house. Make sure that at least one other person has access to these documents so that they can be obtained after your death.

9. Talk to your loved ones

Getting everything down on paper is a great step forward in estate planning. However, you must talk with your loved ones about your wishes. The clearer they know on what you want, the more likely that your wishes will be fulfilled with fewer problems. Your wishes won't have to be guessed. Talk to them about your life and memories. Pass along any cherished photographs and stories that you may want your loved ones to hang on to.

10. Don't forget about the documents

Once you have gathered your estate plan, don't just put it in that safe place and forget about it. Revisit the documents at least once a year to make sure they still reflect your present intentions.


References:

1. "Living Wills, Health Care Proxies, & Advance Health Care Directives". ABA. American Bar Association. Retrieved 8 May 2017.

2. Clark, Elias; et al. (2007). Gratuitous Transfers: Wills, Intestate Succession, Trusts, Gifts, Future Interests, and Estate and Gift Taxation. St. Paul, MN: Thomson/West. p. 310. ISBN 978-0-314-16040-9.

3. Edemekong, Peter F. “Health Insurance Portability and Accountability Act (HIPAA).” Current Neurology and Neuroscience Reports., U.S. National Library of Medicine, 27 Oct. 2018, www.ncbi.nlm.nih.gov/books/NBK500019/.

 

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How to Assign Legal Guardianship to Someone in Your Will

Your final will can give you peace of mind. Knowing that your properties, assets, and money will be taken care of exactly according to your wishes. Another thing that you can include in your will is establishing who will be the legal guardians for your minor children. This is incredibly important. If you have young children, you have to include your guardianship choices in your will as well.

Here are some of the key considerations you need to keep in mind when choosing a guardian for your children:

Alignments of views

You know your children and you know their preferences. So you should make sure that the guardian you’re going to assign your children to can cater to your their needs. This includes everything from their personal worldview and religion to political alignment. You want your children to be brought up the way that you would want them to. So you shouldn’t let someone who you disagree with on a personal level raise your child.

Keeping children together

The death of a parent is traumatizing enough for your children. You don’t want to make it any worse by keeping them apart from one another. Orphans siblings usually have a tight bond with one another. They are the only immediate family members that they have. Unless it’s an absolute necessity, don’t assign your children to different guardians.

Financial situation

Raising children is not cheap. So you want to make sure that the guardians you assign the responsibility to are someone who can handle that financial burden. You want your children to have the best life possible when you’re not there to care for them. This is why you should trust someone with enough resources to give your children a good life.

Availability to take care of your children’s special needs

If your children have special needs such as severe asthma or other conditions that need to be tended to regularly, it’s going to be incredibly tough for the guardian to deal with. You have to make sure that the legal guardians are able and willing to take on that responsibility.

Age of potential guardians

The personality and availability of potential guardians should come first. However, age is an important consideration as well. This is because you have to consider how their age is going to affect how the guardian can care for your children. If your kids have always been active and energetic, it may not be the best idea to entrust them with an elder.

Location of potential guardians

Having to move far away from their hometown after the death of their parents can be very difficult for children. If at all possible, you should look for guardians who are in the same area. So that your children don’t have to part with both their friends and their parents.

How to name someone a legal guardian in your will

Once you have chosen a guardian to include in your will, you need to talk to them. Make sure that they are aware and willing to take on the responsibility. When you have come to an agreement, you can start by having them fill out the legal guardianship forms so that you can include in your will. Once all the information is filled out, the named guardian will have to sign an agreement form along with a witness. This makes the form to take effect. You can include all the necessary evidence, notes, and information as to why you have chosen this guardian in case a relative shows up to claim the children’s custody. This additional information can make a huge difference if the case is to go to court. It will be a lot easier for an attorney to build a case for your assigned guardians if you include a reason why you chose them over everybody else.

Death is understandably not something that many people want to think about, but making plans in the case of death is essential to ensure that your children have a good future.

 

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The Duties of an Executor of a Will

Being chosen as an executor for someone's will comes with honor and responsibility. You will distribute a deceased person's property. You will also arrange payment of estate debt and sort out other finances. With great responsibility, you should do it correctly. Every location set different rules or laws about the requirements. However, most people choose someone close to the family. Duties of an executor includes:

The Will

The executor must receive the will and then file it with the local court. Their duties include finding, reading, and also understanding the will. They should also execute the requests found on the deceased's will. Some of the reasons why this person picked the executor includes reading the will thoroughly. Also making sure everything goes according to their wishes as well.

Notifying

Inform the banks, credit card companies, and also government agencies about the death of the person. If not already notified, the Social Security Administration should know as well. Make sure you take care of all government ties with the deceased.

Bank Accounts

You may need to set up bank accounts for incoming and outgoing funds to settle any bills of the deceased. Having a bank account to make these transactions will help. You must look for mortgages, utilities, and any other bills that may need to get paid. This bank account can help repay any other existing debts.

 

Take Inventory

The executor must file an inventory listing the estate's assets with your local court. They must also list out all of their valuables and who they will go to. Sometimes it may be required to list out the value of each item as well. You should protect this estate until the day of distribution.

Probate

The executor must then decide the necessary probate. Keep in mind that it may not be necessary at all. Inheritance laws may interfere with certain properties without probate. It depends on various factors, including the value of the estate.

Property

The executor must also maintain the deceased's property until it can be sold or distributed to heirs. The executor must also find all personal property and protect it until it's time for distribution.

Debts and Taxes

Executors must notify creditors, file a final income tax return for the current year, and possibly pay off federal estate taxes. Any other debts not stated in the will need to be paid off as well. The executor must find out whether or not the deceased has any other fees or debts. This helps to know which needs to be paid off and settle them on behalf of that individual.

Distribution

Distribution will occur according to the wishes of the deceased. You should express this in detail in the will. The executor responsibility also includes disposing any property left over.

Representation in Court

An executor must appear in court on behalf of the estate, if necessary.

 

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4 Places to Safely Store Your Will

Last will also referred to as a will or last testament, is a signed document that specifies, among other things, who will receive an individual's last possessions at the time of death. The things often bequeathed includes real estate, bank accounts, and personal belongings. Wills also often appoint guardians for minor children. When the person who made the will passes away, an executor is appointed. The executor's should ensure to carry out the terms mentioned in the will. But once you have made the will, you must find a safe place to store it. The executor will require the original. This will help to carry out the terms just the way it should. Not being able to find it in time can cause problem. This includes a lot of emotional and financial loss to the beneficiaries.

In this article, we have mentioned a few ways to store the original copy of your will so that your executor stays informed.

At Home

Should you wish to store your last testament at home, you should invest in a waterproof and fireproof safe. Such safes may be large, heavy, and built into the structure of the house. This also prevents thieves from taking the actual safe if there happens to be a break-in. No matter where you store your will, do not forget to inform your executor and beneficiaries about it. This will help them locate it when the time arrives.

Safe Deposit Box

A safe deposit box may be another safe option to store a will. However, do remember that different states have different rules. The opening of a safe deposit box upon the owner’s death can be different. For example, a bank will allow a safe deposit box to be opened to locate a will in Virginia. But some states need the executor or the beneficiaries to obtain a court order to do so. So if you decide to store your will in a safe deposit box, inform your executor and family about it. Take the time to grant your executor legal authority to take possession of your last will upon your death.

The County Clerk

In some counties, the county clerk can store the will of a person for a nominal charge. However, this might not be the best option. Your executor and beneficiaries may not consider court when looking for the original unless you have instructed them. Also, it becomes difficult if you move out of the county and the will stays back with the county clerk. You may travel back to make changes to your will. This may also create a fuss for the executor and beneficiaries while they try to locate it.

Attorney

If associated with an attorney or law firm, you can ask the attorney to keep your last will with him or her.  However, do this only if certainly you will be retaining the same attorney or law firm for the rest of your life. An attorney must keep a client's will confidential and may charge a nominal or no fee to retain it. But to ensure to locate the will when the times arrives, do inform your family and the executor which attorney is in possession of your will, especially if you have not been in touch with the attorney for a long time. If for any reason you decide not to ask your attorney to keep the original copy of your will, he or she can still be asked to retain signed copies of the will, in case the original gets lost or destroyed. Signed copies can be allowed into the probate court if the original got lost or destroyed in a mishap with additional documentation and testimony. [1]

Conclusion

No matter where you store your will, you should keep your executor informed about the location. And if you think you might forget yourself, keep a note somewhere that will help you remember.

 


Reference:

1. General Information: Facts About the Nevada Legislature, www.leg.state.nv.us/NRS/NRS-136.html.

 

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5 Things You Need To Include In Your Last Will

Creating a Last Will and Testament with the key details that matter isn’t something that you do every day.  There are key elements to a will that help prevent family disputes, arguments, or other legal issues. We did not only create the Free Will Kit to help you save $1,500 - $2000 in legal fees. We also created it to cover every important legal detail if you were planning to do your last will on your own. Here are 5 key details that should be in your last will:

1. Beneficiaries

First, you have to mention who your beneficiaries are. This is important so that the irrelevant individuals can’t come in and make a case for your property. Stating in the will who you want to receive your assets will take other individuals out of the picture. This can save you a ton of unnecessary headache if some distant relatives want to show up and take a piece of the pie. If they aren’t mentioned in the last will as a beneficiary, they have no right to your property and assets. Simple as that.

2. Assets

Once you make it clear who you want to be the beneficiaries, you have to include all of your important assets in the will. You will need to mention which recipient will get which asset. That will be how the court dictates how to distribute your wealth. Keep in mind that some assets, such as banking products and joint rented properties, cannot be bequeathed in a will. This means that if you want to pass them on, you will have to find some other ways to do it. You can only distribute the assets that are owned solely by you. Any property that’s shared under another name will not be legally valid as a bequeathable asset.

3. Debts

It isn’t only your assets that will be passed on. Your beneficiaries will be responsible for your debts and taxes as well. [1] Although you may not want to leave your debt unsettled, most of the time, you don’t have a say in when you have to go. The best you can do is to spare a part of the money in the will for the funeral expenses, probate costs, and taxes. This way, you won’t be leaving a heavy burden behind for your kin to take care of.

4. Executor

The executor will manage your estate and deals with the legal process in your stead. You have to make sure you choose someone whom you trust to be the executor in the case of your death. They can ensure that your properties are handled in a way that is according to your wishes.

5. Guardians

If you have children, it’s an absolute must that you assign someone who you trust to be their legal guardians. This will help to prevent a legal battle between relatives for custody if one is to arise. Your death will be hard enough for the entire family. You don’t want your children to have to struggle to choose between one side of the family or the other. It’s better to include who you want to have as the guardians and get that out of the way.


References:

1. Quinn, Jane Bryant. “Debt After Death: What Will Your Heirs Owe?” AARP, 1 Sept. 2018, www.aarp.org/money/credit-loans-debt/info-2018/debt-after-death1.html.

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How Your Assets Will be Distributed if You Die Intestate
If a person dies without a will, he or she is considered to have died intestate. This leaves it up to the state to decide who will get what and this can be a long drawn-out process. The intestacy laws of the state where the person lived determine how to distribute the assets owned by the person upon his death. Assets include real estate, bank accounts, securities, property, and other assets. If the person owned real estate in some other state than where he lived, the intestacy law of that particular state will handle the estate. In most cases, the heirs of the deceased receives the assets. However, the laws of intestate succession vary depending on whether the person was single, married, or had children. In such cases, the deceased’s surviving spouse, children, siblings, and other relatives will receive divided assets. In cases with no relatives, the the state takes over the assets. Let’s take a look at the most likely outcome of asset distribution when the deceased dies intestate.
  1. Single with Children

If the deceased was single but had children, the children will receive equal shares of the assets owned by him. If the child departed this life too but had children, the grandchildren will receive the deceased’s share.

2. Single with No Children

If the deceased was single, living parents will receive the divided property. Otherwise, surviving parent and the siblings of the deceased will receive the divided assets. Without surviving parents, then the siblings receive equal parts of the entire estate. Without parents, siblings, nieces and nephews, then the relatives on the mother’s side inherit one-half of the assets, and the other half given to the relatives on the father’s side.

3. Married with Children

If the deceased was married with children, surviving spouse receives the assets, assuming that all the children of the person were from the surviving spouse. If the person had children from another partner, the surviving spouse gets up to one-half of the estate, while the surviving children of the other partner will receive the rest.

4. Married with No Children

In this case, the entire estate goes to the surviving spouse if it’s community property. If it’s separate property, however, the surviving partner, parents, and siblings will split the assets.

5. Domestic Partner

Not all states recognize domestic partnerships. Therefore, intestacy laws may vary in the case of domestic partners. Usually in the case of a domestic partnership, if a partner dies without a will and survived by a domestic partner, he/she inherits the same as a surviving spouse, depending on how the property was owned. However, since state laws vary, check the estate planning laws of the particular state where the deceased lived.

6. Unmarried Couple

If a partner dies without a will while living with a partner with whom he did not solemnize marriage, the relatives will receive divided assets. Intestacy laws do not recognize unmarried couples. Thus, only relatives can inherit the estate of the decedent. Because of this, you need a will! Get your Free Will Kit today to ensure security for your loved ones.   Get Your Free Will Kit Today
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Easy Steps to Writing Your Own Last Will & Testament

Include personal identifying information.

Make sure that you personalize your Will so that people can identify quickly that it’s yours. Fill in your name, address, social security or your driver’s license number. If not yet included in your Will form, go ahead and write it by your name. These key pieces of information will assure whoever reads it that you own the Will.

Include a statement about your age and mental status.

Your free Will kit may already include spaces for this, so you just have to validate it. It should be somewhere after your name. If not included, they probably considered you have the age of the majority and of sound mind and body. If you’d like to include it, you can write it in or download a new form that includes it.

Designate an executor.

Your executor must read your Will and assure to carry out your final wishes. In the free Will form, this should be located somewhere in the body of the text and there should be a space for you to write in the executor’s name.

Decide who will take care of your children.

If you have minor children, you must designate a person to watch after them when you have passed away. There should be a paragraph that deals with the care of minor children where you can fill the name of the person or people you want to assign as their new guardians. Make sure you have spoken with the person as well and let them know that you’re putting them in your will as guardians. Make sure they have these qualities: acknowledging, consenting and willing.

Choose your beneficiaries.

In your free Will form, you will have a dedicated space to list the specific property and who will get these items when you pass on. You must list all the valuable items you have specific wishes for because otherwise, your items could go to the wrong people, and there could be some family feuds over these items and by writing down your wishes, you can avoid that. Go ahead and add another sheet if you need more items than your free Will form has.

List your funeral details.

It is important that you help your family members deal with your final arrangements. Visit a funeral home and list what you have decided to happen after you pass away and address this in your will. Make sure they honor your final wishes and that burden can be removed from your grieving family members. This can also be the section where you list your end of life requests such as whether or not you would like to be kept alive by artificial means and such.

Sign and date your Last Will and Testament.

You should write your Will with two witnesses present, as they will need to sign their names as well. Keep in mind that you cannot assign witnesses as beneficiaries in the Will, so choose carefully. Having a lawyer to sign you Will as a witness might be best if you feel that conflict due to your final wishes might happen.

 

Create Your Own

Creating your own Will using a free Will form is a simple process, but for those who wish to have a bit more control, you can use a free Will kit such as the one offered by us or an online legal service and customize your pages.

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Why You Should Write A Will Before You Die

If you haven’t got a will, it’s high time you get around to write a will. If you don’t, your assets may very well be in limbo for years. A lot of people never get around to writing one. Probably, they don’t want to address their mortality or don’t want to pay for it. However, there lots of problems can come about if you don’t write a will. Your loved ones may not be able to access your assets. Be it in the form of real estate, cash, or things of value. Also, the fate of dependent minors may be affected.

Nobody likes to think about death. However, you have to do so because you never know when you may pass away. It can be due to an illness, an accident, or even old age. When you write a will, you’re easing the procedures that your loved ones have to go through after your death. Hence, gives them time to grieve.

A couple of things people want to address in wills include:

Children

If you have dependent minors under your care, you can name someone to take care of them in the case of your death. Through this, you can make sure they will be provided money for their care.

Unmarried partners

Unfortunately, the law typically doesn’t recognize unmarried partners. Your assets probably will not go to an unmarried partner unless you specify so in your will.

Divorced partner

In the case of divorce, you may want to update your will.

Pets

You can name someone to take care of your pet after your passing. Also, you can make sure they get the money to do so.

Funeral plans

Many people plan parts of their own funerals in their wills. Some mention whether they want to be buried or cremated. Some specify other wishes. Mention in your will specific instructions you want to give with regard to your funeral. This will also make things easier on your family. They do not have to be stressed out planning your funeral.

Property

If you have property purchased under “joint tenant” mortgages, expect your share to pass to the other owner. If you own other private or investment property, however, you can specify who your property will be going to. Note that if you have property overseas, the laws may not be the same.

Change in circumstances

In major life milestones such as marriage, divorce, or kids, make sure to update your will accordingly.

Small businesses

In a will, you name an executor. This makes it possible for someone to authorize payments and other things for your small business as well. If you fail to write a will and name an executor, your small business could very well collapse.

Here are three main functions of a will:

1 - Name your executors

Your executors will be taking care of your finances after your passing. Most of the time, people choose close friends or relatives. They choose who they consider level-headed and trustworthy enough to care for their finances. There are a few people who name banks or solicitors, but it’s important to note that this will often mean huge fees.

Your executor(s) will assume responsibility for your mortgage and/or other debts and manage the finances of your businesses and other assets, including property, car, savings, investments, pension fund, life insurance, valuables, pets, and others. Some people even provide login information for their online accounts so that their executors can wrap those things up for them.

2 - Pass on your assets

Major function of wills includes to pass on your assets according to your wishes. That means you get to decide where all the assets that you own go. Your property, your businesses, cars, savings, and more will be left to who you see fit. That being said, they do not necessarily have to claim it. If a beneficiary chooses to turn down a bequest, that asset will be added to the residue of the estate. Also, it will be dealt with according to the residuary clause in your will.

3 - Name parties to care for any dependent minors

If you have children and/or other dependent minors, the responsibility of their care passes to the closest person with “parental responsibility.” This will, of course, first refer to the mother and the father of the children, although other close relatives will follow.

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How To Change Your Last Will & Testament

Contrary to popular belief, it actually isn’t too hard to make changes or completely change your last will and testament. It may be a little inconvenient, but you can modify or even revoke your last will and testament whenever you see fit.

A few ways to do so includes:

How to Change Your Last Will and Testament

Before anything else, it’s important to note that you have to comply with the laws regarding last wills and testaments in your state so your legal document won’t be thrown out as invalid.  [1] Just a matter of making modifications in your own handwriting can make your changes completely inadmissible.

Make a Codicil

To make minor changes to your will, you can use codicils. If one of your beneficiaries had a legal name change or you want to have someone else as the executor, go with codicil.

This legal document is a secondary one attached to your last will. It outlines the detail you want to change. The majority of the states hold codicils to the same standard as wills. If you required to have two witnesses present at the signing of your will, you’ll have to do the same as you sign your codicil.

Replace the personal property memorandum

The personal property memorandum, like the codicil, is a secondary legal document attached to your original will. Of course, you can only replace it if you included one, to begin with.

If you want to leave specific assets to specific beneficiaries rather than leaving each a percentage, you typically will have a personal property memorandum. Say you sold a particular asset or want to leave it with someone else. In this case, you can simply write up a new personal property memorandum and remove the old.

Unlike codicil, a memorandum usually does not require a signature or witnesses. However, it has to be referred to in your original will. This explains why you have to have a personal property memorandum in the first place if you want to replace it. Otherwise, you may have to completely change your last will and testament.

Write a completely new document

If you want to make major changes to your will, it’s often easier to simply revoke the entire thing and write a new one. It may even be just as convenient as a codicil, seeing as codicils are often held to the same standards. It’s the safer option to take if you want to make several changes or substantive ones.

If you have not yet written up your will according to the law, your old one may be used instead. Since you obviously want your new one to be honored, it’s crucial that you comply with all legal requirements. You should also state specifically in your new will that you want all your old wills to be disregarded. If you have made several, mention them each by date and get rid of them.

Every state has different requirements when it comes to the destruction of wills.  Some simply require you to write “revoked” on each page and sign it. In particular, make sure you do it properly. A legal document cannot be followed if it no longer exists, and your witnesses will be able to testify on your behalf if necessary. This will ensure to honor your most recent will and testament.

 

Looking to update your will? Create a new legal will with The Free Will Kit. Click below to learn more.


References:

1. Fry, Barry (2012). "Cross Border Estate Issues" (PDF). Advoc. Retrieved 7 June 2017.

 

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How To Activate Power of Attorney For Healthcare
The power of attorney for health care or health care proxy is something that you should consider having. It’s an advance directive that grants someone legal authority to decide what to do with the grantor’s health condition. [1] This only happens if the grantor is in a state where they can’t make a decision for themselves. We don’t know what the future will bring. It’s good to be as safe as possible when it comes to our health. You should consider discussing the issue with an attorney today if you haven’t got one yet. We will discuss the procedures you should take if ever assigned a power of attorney for health care.

Springing

The power health care doesn’t apply to the grantor (principal) until they are unable to make a health care decision. The recipient of the rights (attorney-in-fact) can only make a decision once the principal becomes incapacitated. It’s activated only under a specific condition. This process is typically known as springing power of attorney.

Validity

In order for the attorney-in-fact to start making a decision, their legal documents and POA must be valid. This means that it has to be according to the state’s law. Also, all the documents must be correct, complete, and present. For example, a POA that is witnessed by two people but not notarized may be valid in one state. However, it can be invalid in a state that requires notarization.

Durability

There are two types of powers of attorney: the durable and non-durable types. The non-durable type will be terminated as soon as the principal becomes incapacitated, rendering them useless.  You need to make sure that your legal documents and POA will allow power of attorney to be durable according to the state laws. As a principal, you must discuss this with a government office that’s responsible for this. Also, you should draft the contract to allow the attorney-in-fact to make a decision if you become ill.

Revocation

A principal can terminate a POA at any time as long as they are still in the condition to do so. This means that adjustments, rewriting or a complete revocation can be done at any time. This may happen for any reason as long as the principal is conscious and mentally stable. Even an oral revocation is valid. Meaning the principal can simply inform her physician that she no longer wants to have the healthcare POA. After that, the documents will no longer be legally valid.
References: 1. "Health Care Proxy/Living Will | Stony Brook Medicine". www.stonybrookmedicine.edu. Retrieved 2018-10-29. Get Your Free Will Kit Today
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