Estate Planning and End-of-Life Decisions

End-of-life planning is the action of making decisions and putting your affairs in order to prepare for when you meet your demise. This comprises of making decisions concerning your property, health care, finances, etc.

By putting together an end-of-life plan, you can alleviate your relatives of a significant administrative obligation. Visualize end-of-life planning as the last gift you leave to your loved ones. By taking some time now to make difficult decisions concerning your health and finances, you prevent that obligation from being placed on them following your passing.

Usually, when we come to the end of our lives, we don’t have the ability to voice what we want to occur at a time when that information is the most vital. That’s where end-of-life planning comes into play. By creating legal documents and discussing your wishes with your medical team and loved ones in advance, you can help guarantee your wishes are adhered to in crucial moments and your loved ones are provided for.

Below are some of the important documents you should think of as part of your end-of-life planning checklist.

• Last will and testament – Through your will, you stipulate who you wish to receive your property following your passing. Including physical assets — such as your home, vehicles, and belongings — and your financial assets, such as your financial institution and investment accounts.
• Revocable living trust – A trust that can be rescinded or modified at any time.
• Beneficiary designations for non-probatable assets – working beneficiary designations on them, the assets have somewhere to go when the owner passes away.
• Durable financial power of attorney – a straightforward, affordable, and dependable way to arrange for somebody to oversee your finances should you become debilitated and unable to make decisions on your own.
• Pet trusts – Pet trusts are a legally legitimate arrangement offering the care and livelihood of one or more pets if there should be a grantor’s debilitation or passing.
• Life insurance – A life insurance policy provides financial safeguarding for your family should you pass away. Your beneficiaries are going to receive funds to use at their discretion, guaranteeing security in a tough time.
• End-of-life arrangements for housing – You might need a retirement home, hospice, or in-home care.
• Funeral instructions and arrangements for burial – The best method for letting the ones you love be aware of your funeral wishes is to take down a list of detailed instructions in a document that is independent from your will or trust.

Advance Healthcare Directives and Living Wills

Advance directives are legal documentation that gives instructions for medical care and only comes into play should you not be able to convey your own wishes.

The 2 most typical advance directives for health care are a durable health care power of attorney and a living will.

• Durable health care power of attorney: A durable health care power of attorney is legal documentation that designates your health care proxy, an individual that can make health care decisions for you should you be unable to communicate them yourself.
• Living will: A living will is legal documentation that tells physicians how you want to be treated if you cannot make decisions on your own concerning emergency treatment.

Who Requires an Advance Care Plan?

Advance care planning is not just for elderly individuals or individuals that are ill. For all age groups, a medical emergency might leave you unable to convey your own decisions for health care. Making a plan now for your future health care can help guarantee you get the medical care you wish for and that somebody you trust is going to be there to make decisions on your behalf.

What Happens If You Do Not Have an Advance Directive?

When you don’t have an advance directive and you cannot make decisions for yourself, the state laws in which you live are going to decide who could make medical decisions for you. This is usually your spouse, your parents should they be available, or your children should they be adults.

Designating Healthcare Proxies and Power Of Attorney

A health care proxy is legal documentation designating another individual (the agent) authority over your health care decisions. A lot of individuals decide to appoint a relative or trustworthy friend and this individual makes decisions concerning health care should someone lose the ability to make these decisions themselves.

What Is Power Of Attorney (POA)?

Power of attorney is legal documentation that enables somebody else to act on your behalf.

Power of attorney (POA) can be beneficial to older individuals and others that want to decide on a trusted individual to act for them when they are unable to. You can plan prearrange by devising a POA to appoint an alternate decision-maker, also referred to as an agent.

Discussing End-Of-Life Wishes With The Ones You Love

Making a plan for the end-of-life is not typically on anybody’s top list of priorities. A lot of the time it’s not even on the list. Trying to talk about death and passing away at during dinner can be a truly awkward event. It’s enough to make a lot of people skip a meal and flee out of the room.

When talking about your end-of-life wishes with family members or loved ones, you should think about your:

• General attitude towards life, including the activities you love and situations you’re scared about;
• Attitude concerning independence and control, and the way you feel towards losing them;
• Religious or spiritual beliefs and ethical principles, and how they impact your attitude toward serious illness;
• Outlook towards overall health, illness, dying and death; and
• Feelings towards doctors and other healthcare providers.

Planning your last days is never fun, but it’s a priceless gift to your loved ones. These talks can be among the leading and most dear that friends and family take part in. Reports have shown that when there is a meaningful discussion about end-of-life wishes, family members and friends report feeling less despair and less guilt and having an easier process of mourning.

End-Of-Life Planning Is a Valuable Gift to The Ones You Care About

Whereas it might be awkward at first, making an end-of-life plan is one of the most considerate things you can do for the people you love. Death is unavoidable. By planning for it, you can gain a deeper understanding for what matters to you and safeguard the ones you love in the process.

Arizona Family Law

Naming guardians in your will can be part of your estate plan. You may think you’re too young or don’t have enough money to justify the expense, but if you have children, you have priceless assets. There are many considerations when naming guardians for your kids. However, the process doesn’t have to be expensive or complicated.

There’s nothing better than the peace of mind you will have knowing you’ve protected your family at a time when they need it most. Let us help. Schedule a consultation or contact Ogborne Law, PLC of Arizona today.