Your accomplishments, your investments, the choices you make, the friendships you forge, and your relationship with family can change on a daily basis--and those changes can affect the way you control your assets. From changing your mind about how a certain relative may manage your land when you're gone to trusting a different person with your continued care in the event of a coma, you're entitled to reevaluate your emergency and final decisions. Here are a few points to consider as you plan different contingencies within your will, power of attorney, or other estate documents.
Power of Attorney For Illness And Travel
A power of attorney allows you to appoint a specific individual as your agent or attorney-in-fact for most decisions. This is important for people with valuable assets, important investment potential, or simply a number of vital responsibilities that have to be carried out under a specific name.
Instead of selling or gifting your different assets to someone else, you essentially give someone else the ability buy and sell certain products or services within a certain value, add or remove responsibilities, and attend to those responsibilities.
There are multiple levels of pre-existing power of attorney privileges, and these levels can be customized as needed. One of the most vital power of attorney privileges allows a person to decide on your medical care and even termination of that care, and even that level can be made more specific. You can give someone the power to move you into another hospital, but you don't have to give them the power to pull the plug on you.
If you're going on a soul-searching trip, heading on a long expedition outside of normal communication range, or joining the military, a general power of attorney will give your chosen agent the ability to act fully in your name. A special power of attorney allows you to choose specific privileges to grant, and a health care power of attorney controls health care-specific issues.
Will And Representative Options
A will is probably one of the more popular estate planning documents, as it is involved with major end-of-life decisions. This is the document that delivers money, land, and personal belongings to a person or organization.
Deciding how to divide your assets in the event of your demise can be difficult, but there are ways to plan through the issue with the help of a legal professional and professionals associated with the different assets that you need to distribute. This means consulting a financial planner for any money that needs to be distributed, a real estate lawyer for land and building matters, and/or a an appraiser for any collectible goods that you need to organize and protect.
Contact an estate attorney, such as at DOUG NEWBORN LAW FIRM, PLLC, to discuss not only drafting these important documents, but different ways to look at your potential agents or beneficiaries for a continued legacy, or to take care of those you leave behind in the best way possible.