Everyone should have at least four estate planning documents in their possession: a Will, a Living Will, a Medical Power of Attorney and a Durable Power of Attorney. You can contact a Colorado estate planning attorney if you do not have any of these documents. They are affordable and can save you a lot of expense in the future.
A will is a legal document that states who is to be the recipient of your assets after your death and who is designated as the executor of the will. If there are minor children involved, the will can also name an appointed guardian or guardians. Without a will, your spouse, children or other heirs could be left with less than what you would want. Even worse, your assets could end up with people you would not want to inherit them or your children could end up with a guardian you would not have chosen.
A durable power of attorney is a document allowing you to appoint a representative to perform certain actions for you if you become too ill, incapacitated or otherwise unable to manage your own affairs. This individual could be a spouse, adult child or trusted friend. It is very important to get any kind of power of attorney document handled by a lawyer so that there is no question as to who can handle your affairs if you can’t.
A living will is a person’s written declaration and advance medical directive of what life-sustaining medical treatments to allow or refuse in the event such person becomes terminally ill or enters into a persistent vegetative state (i.e., coma). Many estate planning attorneys will include a living will in their estate planning document they prepare for you.
A medical power of attorney, also known as a durable healthcare power of attorney, gives a designated person the authority to make medical decisions on your behalf should you become unable to make them yourself. A person who has medical power of attorney is ideally the individual who can carry out what you have specified in your living will.