Creating a Last Will and Testament can be a taxing process. You sometimes must make hard decisions concerning inheritances for your loved ones, or regarding who should be in charge of making decisions about your estate after you’ve passed away.
Along with the Last Will and Testament and Power of Attorney, an Advanced Healthcare Directives is one of the core estate planning documents everyone should have. Depending on your circumstances, a Healthcare Directive can serve a number of purposes, but most typically coming into use when you’re incapacitated and cannot make health care decisions for yourself.
As many unmarried couples have found out, unfortunately, partners have no legal standing to manage affairs or inherit property if their loved one becomes sick or passes away. Without specific legal documents, unmarried partners cannot make financial or medical decisions on each other’s behalf, and without a Last Will and Testament, the laws of succession direct property held by a deceased individual to pass to their closest surviving relatives, typically parents, siblings, or children.
Serious health diagnoses can impact your life in huge ways, and bring concerns you haven’t thought of up to the forefront. One of those concerns, which is often pushed off when everything is going well, is estate planning. You’ll want to know that your family is taken care of if the worst happens, and setting up an estate plan is the best method for making sure your wishes are known and your loved ones are cared for. But what do you need in order to have an effective estate plan when you’re ill?