Basic Legal Documents -- Part III

In this course, we will cover the following: Basic Legal Documents Government-subsidized Care Long-term Care Financing Elder Care Personal vs Professional Care Making Decisions Regarding Burial Additional Resources: Additional Reading Calculators Worksheets Workbook Glossary Financial Calendar

In order to devise an efficient and appropriate system of care, certain basic needs must be covered first. While you are still able, enlist the help of your elderly loved one to help take care of the critical legal documents needed to ensure that his or her wishes be carried out. These include: A letter of instruction A will A medical durable power of attorney A living will A grantor's trust Letters of instruction A letter of instruction is a list of instructions and information that is prepared for others to follow when your loved one is unable to attend to his or her own affairs. A letter of instruction includes: Names of close family and friends Phone numbers of close family and friends A list of assets and liabilities A list of insurance policies The location of all investment accounts statements Wills A will is a distribution of assets according to a person's wishes. Without a will, the state where the deceased lived will make many of the decisions regarding asset allocation. In many cases, this kind of state intervention can be very different from the deceased's wishes. Medical Durable Power of Attorney A Medical Durable Power of Attorney is a form that allows the doctors and hospital administrators to look to someone else to make medical decisions. The individual picked to be the decision-maker is referred to as the agent. He or she should be: Someone very close to the ailing individual Able to make difficult decisions under extreme circumstances Informed. Your loved one should meet with the health care agent to share his or her wishes regarding care and treatment. HerTip: Seek counsel of an attorney. Medical advance directions can be electronically filed at a data collection service provider for a nominal fee. The data is constantly accessible; the individual subscriber is furnished with a plastic identification card containing access numbers for information on file. Living will A living will allows a person to specify his or her desires regarding the use of artificial life support and extraordinary medical treatments during a terminal illness. It is never too early to draw up a living will. Grantor's trust A grantor's trust is that which is created between living individuals rather than going into effect upon one's death. Used in lieu of a will, it enables someone to oversee your assets in the event of incapacitation Continue to: Part IV: Government-subsidized care

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