Education Docs & Materials

A living will is legal document that specifies a person’s wishes regarding medical treatment, specifically treatments that will prolong life. This may be used if you are unable to make medical decisions for yourself due to severe injury or a medical condition. A living will is typically only used in deathbed situations. They typically detail any Do Not Resuscitate Orders from the party creating the living will, which will be discussed later. It may also be used for people who wish to refuse dialysis, feeding tubes, or blood transfusions for personal or religious reasons. It may also indicate things such as standard medications to prolong life. It really depends on which boxes you check.

Only someone who is 18 years or older and of sound mind can create a living will. Creating a living will means you need to choose a party you trust to carry out medical wishes on your behalf. This could be a family member, trusted friend, or an attorney.

A power of attorney is a legal document delegating authority from one person to another. In the document, the maker of the power of attorney (the “principal”) grants the right to act on the maker’s behalf as that person’s agent. What authority is granted depends on the specific language of the power of attorney. A person giving a power of attorney may make it very broad or may limit it to certain specific acts.

A health care surrogate is a legal document that gives a person the ability to appoint another party to make health care decisions on their behalf in the event that they become incapable of making the decisions for themselves. The document will only be used if the party receiving care is found to be not competent enough to make logical medical decisions.

Some states require that an adult individual fill out a health care surrogate form. The form will require personal information about the filing party, including name and address. Information about the agent will also be necessary. The filing party must ensure that the person they choose is legally able to be an agent. Both parties should sign this form, and it may also need to have a witness and be notarized as well.

A pre-need guardian declaration is an instrument that allows you to recommend a person to serve as guardian of your person and/or guardian of your property in the event you become mentally or physically disabled and can no longer manage your own affairs. Unfortunately, by the time realization comes into play, guardianship can be handed over to someone that you don’t want in your affairs if you don’t have someone assigned early on. It should be something discussed in your plan.

Like a will, a revocable living trust (RLT) is a tool you can use to manage and distribute your property after you pass away. But unlike a will, a RLT is a legal entity, meaning it’s able to “own” property. Once you set up a RLT, you’ll transfer your assets to it so the trust is the owner. Then you can be the trustee — the person overseeing the trust — so you’re still able to use and manage the property.

When you set up a RLT, you should name a successor trustee who will manage the trust assets when you become disabled or pass away. You should also choose beneficiaries to receive the trust property after you die.

RLTs need more management than wills because you have to transfer new property to them as you acquire it, but they come with some advantages as well. For example, assets in a trust can avoid going through probate (the legal and court-driven process of distributing your assets), which can save your family time, money and maintain privacy. With a trust, you can skip probate and streamline the process of transferring your assets to your beneficiaries.

Transfers all of a person’s property and assets that are subject to probate, into the decedent’s trust when he or she passes away. The property transferred into the trust is then distributed to the beneficiaries of the trust by the trust’s terms.

Even though they often feel like family, pets are considered property by the law. That’s why it’s important to have a plan for them in case you pass away. If you don’t, they may end up with whoever is willing to care for them. If no one steps up or is fit to care for them, your pets could be placed in a shelter.

If this is not the outcome you wish for your furry family members, you can choose a caregiver for your pets in your will, obviously ensure they are willing to take on this responsibility, and even set aside some money to pay for the cost of their care. If you want to be sure your pets are cared for in a certain way after you die, you can even take this one step further and establish a pet trust.

Just like a trust you set up for human beneficiaries, you can establish a trust for any pets you own. With a pet trust, you fund the trust with assets that will pay for your pet’s care. You can also include instructions for the trustee about how the funds should be used. For example, you can list your pet’s required medical treatments, their favorite food and pet treats along with special toys.

A “do not resuscitate order,” often referred to as a DNR, tells healthcare providers that you don’t want to be resuscitated in the event of an emergency. In other words, you don’t want them to perform CPR if your breathing stops or your heart stops beating. A DNR order is signed by both you and your physician, and is usually for patients with serious health conditions.

Since a DNR order provides specific instructions about your medical care, it’s often considered a type of advance directive.

A DNR varies from state to state.

One of the most important estate planning tools is a last will and testament, often referred to as a “will.” In a will, you state where your assets should go when you die and, sometimes more importantly, where they shouldn’t go. Whether you choose to leave your assets to your loved ones or support your favorite cause, you should have a will.