One of the best gifts you can give your loved ones is to have your affairs in order in the event of a serious illness or death. There is a lot to consider. Let’s outline some terms and steps to assist in planning to give you peace of mind.
Planning for Your Estate and Finances
Consider what is important to you
Consider your values and choices regarding what happens to your assets in the event a doctor deems you unable to make your own decisions or in the case of death. Ask yourself questions such as:
If I have dependents under 18, who would I like to care for them and how will they financially do so?
If I am deemed unable by my doctor, who would I like to make financial decisions on my behalf?
What type of funeral service and preparation would I like? How will my family pay for it?
Complete the necessary paperwork
Complete a Durable Power of Attorney for Finances. Naming someone your Financial Power of Attorney gives them the ability to make financial decisions on your behalf if a doctor determines you are unable. This person can handle your finances such as your insurance, bills, and banking on your behalf.
At Insurance Associates, a Durable Power of Attorney for Finances is needed to discuss your insurance policies or to make changes on your behalf. Please make sure we have the most up-to-date documents so we are prepared to help you most efficiently during your time of need.
It’s important to note that once you die, the Power of Attorney is void, and the power goes to the executor of the estate.
Develop A Will. A will is a legal document that outlines how to distribute your property and names guardians of your pets and children after you die.
Appointing the executor of the estate is easier if that person(s) is named in your will, as in Wisconsin, the executor must be formally appointed by probate court. If your estate has less than $50,000 in assets, you do not have to go through probate, but you will go through a more simplified process.
Some people also choose to develop a trust to facilitate the finances after you die, which is a legal instrument that transfers ownership of your assets to your beneficiaries.
Planning for Your Future Healthcare Needs
While some of the terminology is similar, there are separate steps and documents to prepare for your future healthcare needs.
Consider what is important to you
You cannot possibly prepare for every scenario. However, questions such as these can help:
How might my religious/spiritual beliefs affect my treatment decisions or beliefs about death and dying?
What basic abilities are important to me to maintain a quality of life?
If I am deemed unable, who do I want to make healthcare decisions on my behalf?
What helps me find comfort?
Complete the necessary paperwork
In Wisconsin, there are two main documents that you can utilize to ensure your wishes are honored. These two documents are called your Advance Directives:
The Living Will, also known as the Declaration to Physicians, is the form in which you specify which types of life-sustaining care you would like if you were dying or in a vegetative state with no chance of getting better. This is the “what.”
If you are a Medicare Beneficiary, you can request a 30-minute visit with your primary care physician to discuss your Advance Directives. For example, if you have a chronic illness or terminal diagnosis, you could discuss what the disease process commonly looks like at the end of life, which could inform your decisions.
The Power of Attorney for Health Care is the “who,” in which you designate a healthcare proxy-a person to speak for you if you are unable to speak for yourself.
Additional Tips for Financial and Healthcare Power of Attorney
Speak to an Attorney about what the best options are for your personal situation and to ensure all documents are properly filled out and managed.
Share your Documents with your powers of attorney, healthcare providers, insurance agents, and loved ones. Confusion and conflict can arise when others are unaware of your wishes. Discussing your choices and sharing your documents is the best way to make things as easy as possible for those you care about.
