A will is a well-known and important tool in estate planning. There are other documents you should consider having to better ensure that your late-in-life and end-of-life wishes are carried out. At the 2017 Schwab IMPACT Conference, grief studies expert Amy Florian suggested these documents, among others.
Living Will: States what medical treatments you do and do not want. Florian recommends Five Wishes From Aging With Dignity (www.agingwithdignity.org). This document not only covers medical treatment options but also your desires regarding remembrances and memorial services. The document is valid in 42 states and the District of Columbia.
POLST: These “physician orders for life-sustaining treatment” state your goals for care when diagnosed with a serious illness or incurring frailty toward the end of life. When given to a doctor, they become part of your medical record. The National POLST Paradigm provides such a form (www.polst.org).
Health Care Proxy: Designating a person to make health care decisions on your behalf is important should you become incapacitated. This can be accomplished by assigning someone medical power of attorney. Establish a hierarchy if you want to designate more than one person and have conversations with those you entrust about your wishes and desires.
DNR/DNI Orders: Although the POLST may already include orders not to resuscitate or intubate, Florian believes it is important to have redundancy in the form of documentation. Make sure the orders are visible in the hospital room since the procedures can otherwise be done without permission.
Personal Property Memorandum: Specifically stating which heir will inherit which personal possession can help to avoid disputes after you pass. Florian says 30 states recognize a separate personal property memorandum when the document is mentioned in a will.
Digital Assets Memorandum: This newer type of document lists instructions for how your digital assets will be handled, including who will receive ownership of them. Include all of your digital assets, such as email, social media accounts, photos and digital file backups.
Source: “Got a Will? Here Are 11 More End-of-Life Documents You May Need;” Kelli Grant, CNBC.com, November 15, 2017.
Financial Planning
Financial Planning
Financial Planning
Gene Howe from AL posted over 8 years ago:
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