Monday, August 20, 2018
There are 4 main legal documents of high importance each senior should have. These are:
1. Revocable Trust
The Revocable Trust is a legal document of extremely high importance. This document carries similarities to a will. It will guarantee your loved one the right to maintain control over their estate while performing the asset transfers to beneficiaries (to children for example). Seniors will be able to point out which type of property- assets, jewelry, or investments- go into the trust and who will become the main beneficiary. The revocable trust will prohibit that their estate becomes probate at the time of their death.
2. The Will
The will is yet another legal document that allows your elderly loved one to decide who the main beneficiaries of the assets are after the death. A will is an extremely important document not only for seniors, but for everyone that has dependent children. Through this will, adults are able to designate whom they would like as guardians for their children. In the absence of a will, the Court will decide upon the issue of the assets and guardianship for the dependent children.
3. Advanced Directive
Also known as a Medical Directive, this is a legal document which highlights the main wish of the owner regarding the type and level or care he/she would like to receive if and when becoming ill. Such a medical directive can clearly say whether or not the senior would like artificial breathing/eating support. Some people do not wish to extend their life if such an unfortunate event happens and they need to become artificially ventilated for breathing or get food through a tubing system. The Advanced Directive clearly outlines the wish of your elderly loved one regarding care and support if a time comes when he/ she is incapacitated and cannot make a decision anymore.
4. Healthcare Power of Attorney
The power of attorney for health care is a legal document that gives you the right to make healthcare-related decisions in the name of your elderly loved one. Such a document is extremely important and should be outlined in time. In the event your loved one becomes incapacitated, you (the child) can make an effective decision regarding the health care needs and requirements of your loved one. In the absence of such a document, you would need to go to Court in order to become appointed as a “conservator”. This is an extremely lengthy and also costly process that can be easily avoided with such a legal document.
Concierge Care can refer you to a local person that may be able to help if needed. We hope this helps!
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