The four documents that create the foundation of a good estate plan are a will, medical power of attorney, durable (financial) power of attorney and a living will. Each of these documents provides protection for specific issues associated with death or incapacity.
A will details your wishes after you pass away. A will allows for a smooth transition for the loved ones you leave behind. It will designate someone to take control of your estate, care for your dependents, distribute your property and make the transition as painless for your loved ones as possible.
A medical power of attorney appoints a person to make medical decisions if you are unable. A medical power of attorney can also include a list of specific procedures you do or do not want allowed.
A durable (financial) power of attorney appoints a person to make financial decisions if you are unable. This is a flexible document that can be used to give limited or unlimited power over your financial affairs. It can become effective immediately or only if the named individual becomes incapacitated.
A living will express your wishes for end of life decisions and can appoint a person to make decisions if you are unable. This document differs from a medical power of attorney because it is only effective if a doctor has determined you have a terminal or irreversible condition.
The requirements relating to the validity of each of these documents are found in state law. As a result, an attorney should be consulted to ensure your documents are valid in your state of residence. If you have a job that requires you to relocate regularly a trip to a local attorney should be on your to do list any time you move.
Law Offices of Debbie J. Cunningham
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