Planning is important, but it becomes even more essential as people age. Health emergencies can arise during this time and if you are not prepared, it could become a legal headache, too. That is why having the proper documents in place can protect you, your health and your assets. If you are a senior, here are the documents you must have.
A will to direct your assets
A will ensures your assets go to the people or organization you choose. If you do not have a will in place and die, New York’s intestacy laws will decide who inherits your assets. In other words, they could go to someone you did not intend to provide for. Aside from asset distribution, a will allows you to nominate a guardian for your minor dependents.
A power of attorney for financial decisions
A durable power of attorney (POA) lets you assign someone you trust to oversee your finances if you become incapacitated. With a POA in place, that person can:
- Manage your bank accounts
- Pay your bills
- Manage your investments
- Sell your property
If there is no POA, your family could go through a lengthy guardianship process. That means they need court permission to manage your affairs. Such a process can take time and cost a lot of money.
A health care proxy to manage medical decisions
It allows you to name a person you trust as your health care agent. This person’s authority only starts when you cannot decide for yourself anymore. That person can:
- Make medical decisions for you
- Access your health records
- Talk to your doctor
- Review treatment options
- Decide to move you to another medical facility
Having a health care proxy prevents confusion. It allows the person you trust to make medical decisions based on your wishes.
A living will that outlines your medical preferences
This document is helpful if you become terminally ill or fall into a coma. It gives doctors clear instructions about what you want or do not want if you cannot decide anymore. These may include decisions about:
- Life support
- CPR or resuscitation
- Artificial feeding or hydration
This document and the health proxy make your wishes clear when you cannot speak for yourself.
A revocable trust to transfer your assets
A revocable living trust can help avoid probate and protect your privacy. It also simplifies the transfer of your assets. It is beneficial if you have a complex estate or own property in multiple states.
Plan today for peace of mind later
Preparing your legal documents now can prevent any confusion and conflict later. An experienced elder law attorney can help you with the process. They can also help ensure everything honors your decisions.
