WHAT LEGAL DOCUMENTS SHOULD I HAVE PREPARED?
- Will or trust.
- Please be sure that you understand what you are signing and why. This isn’t a cookie-cutter decision! There are a lot of Medicaid-avoidance trusts being written that are ill-advised and potentially unnecessary. Utilize your entire financial team to help make these decisions.
- Durable power of attorney.
- This lets someone you trust make business and financial decisions for you, should you become incapacitated.
- Beneficiary designations.
- These tell the asset holder who should become the new owner in the case of your death.
- Letter of intent.
- This can be written to your executor, guardian, or family members, helping them understand your wishes.
- Healthcare power of attorney.
- This lets someone make medical decisions for you, in the event that you cannot.
- Guardianship designations.
- This is part of a typical will and it determines who will provide care and support to your minor children or wards.
- Living will.
- A living will is a document that lets people state their wishes for end-of-life medical care, in case they become unable to communicate their decisions.