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by Jim Miller for the Beacon
All adults, especially older adults, should have at least five legal documents to protect themselves and their families. These documents will make sure their wishes regarding their estate are legal and clear, and will help minimize any conflicts and confusion with their family and health care providers if they become seriously ill or when they die.
Here are the key documents everyone needs, along with some tips to help create them.
Durable power of attorney: This document allows you to designate someone you trust to handle your financial affairs if you become incapacitated.
Advance directive: This includes two documents that spell out your wishes regarding your end-of-life medical treatment. The first is a “living will,” which tells your doctor what kind of care you want to receive if you become incapacitated.
The second is a “healthcare power of attorney” (or healthcare proxy), which names a person you authorize to make medical decisions on your behalf if you’re unable.
To complement your advance directive, you should also consider getting a Physician Orders for Life-Sustaining Treatment (see POLST.org). This is a state-specific form that your doctor would fill out that translates your end-of-life wishes into medical orders to ensure your wishes are carried out.
A will: This lets you spell out your wishes of how you’d like your property and assets distributed after you die, whether it’s to family, friends or a charity. It also allows you to designate an executor to ensure your wishes are carried out and allows you to name guardians if you have dependent children.
In addition to a will, if you own real estate or have considerable assets, another option you may want to consider is a “revocable living trust.” This functions like a will but allows your estate to avoid the time and expense of probate (the public legal process that examines your estate after you die) and helps ensure your estate’s privacy.
HIPPA release: This form gives your healthcare provider permission to discuss your medical care and medical bills with those you designate. You may need specific HIPAA release forms for each medical professional or healthcare establishment you deal with.
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