The most important aspects of life planning and end-of-life preparation should begin well before we enter the final stages of our lives. In fact, life planning should begin while we have good health and are considered to be of sound mind; certainly well before a doctor, hospital, or skilled nursing center requires decisions to be made.
How do we begin? First, give ample consideration to the way we want our assets managed if we should become sick or incapacitated and are no longer able to manage them ourselves. Second, give ample consider-ation to the way we want our health managed if we are not able to manage ourselves. The following will discuss the types of legal documents most frequently used.
Assest Management
1. Last Will and Testament: A Will is a document that directs how your property will be passed on at the time of your death. It also designates a person to be responsible for assembling the property, paying debts and taxes and distributing what is left. Proper estate planning will enable you reduce estate taxes and, thereby, pass more of your estate to your loved ones. Should you die without a Will, your property will be passed on as designated by the laws of intestacy, regardless of your wishes. It is a good ides to make a Will, even if you have very little property or possessions, to ensure that your things are passed on according to your wishes.
2. General Power of Attorney: Authorizes an individual to make legal and financial decisions when we can no longer make them ourselves.
3. Living Trust: Living Trust allows a person to create a trust and to appoint an individual as a trustee to carefully invest and manage assets.
Health Management
4. Living Will: This document formalizes our wishes regarding the medical care that is to be used or withheld should we become incapacitated or unable to make our own health decisions. This may include the use of extreme measures such as hydration, tube feeding, respiratory assistance and other life support measures.
5. Health Care Surrogate: This document names the individual we select to make decisions for us when we are no longer able to make them ourselves including health care providers, medical treatment and end-of-life care.
6. Durable Power of Attorney for Health Care: Authorizes an individual to make health decisions when we can no longer make them ourselves. Unlike a General Power of Attorney, this document continues to be effective when a person becomes incapacitated.
Conversations about end-of-life issues may not be easy to start
Many of us may think we do not need to worry about these issues. We are all parents, adults, children, spouses or partners, siblings, nieces, nephews, grandparents or grandchildren. No matter what our role, we have responsibilities to our families, which is why advance directives are so important. Take the time to communicate your choices to your family or loved ones. It's easy to begin; just say, "Isn't it time we talk about it?"
resources: Florida Department of Elder Affairs 850/414-2000 or elderaffairs.state.fl.us (Request their booklet "Making Choices"); Florida Bar Legal Referral Service 800.342.8011 or flabar.org