Otherwise, they’ll have to deal with probate, which can be a lengthy, sometimes expensive process if you die with a will only - or without a will. This will save a loved one from the time-consuming inconvenience of getting the paperwork for handling your financial accounts.Īnd when you do die, your family will have an easier time passing assets in the trust to your beneficiaries. To deal with the possibility that you become unable to manage your finances, the trust lets someone you’ve appointed take over (and specifies who gets to determine whether you’re incapacitated). You remain in control of all your finances as long as you want, and you can make changes to your trust as often as you want. A revocable living trust is an incredibly powerful document that can be a big help. Now, if you just saw the word “trust” and thought, Oh, Suze, that’s just for rich people, you couldn’t be more wrong. Revocable living trustĭrawn up correctly, this makes it easy to keep control of your finances today, let a trusted person step in if necessary, and ensure fewer problems for your heirs when you die. This document, regularly included in an advance directive, lets you appoint someone ( plus a backup) to make medical choices on your behalf when you’re unable to do so. Durable power of attorney for health care For the forms necessary in your state, go to /advancedirectives. Under what circumstances might you want doctors to stop trying to fix what ails you? When might you want pain relief, even if it hastens your death? You can spell that out now so your relatives won’t have to struggle with these decisions later. A living will, which is a type of advance directive, explains the treatment you’d like to have should you ever be unable to speak for yourself. Advance directiveĪn advance directive offers loved ones and medical professionals a road map for your health care. The documents will give you and your family not just financial protection but peace of mind. This paperwork can shield your family from needless heartache, hassle and expense. At this stage of your life, preparing these must-have documents is one of the most profound acts of love you can bestow. There’s not a thing you wouldn’t do to help them.īut I also know that what’s in your heart is not enough. En español | I know you love your family.
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