Many people are unsure what to do with their Wills and other Estate Planning Documents after they have them created. The documents generally sit around in a file without anyone knowing of their existence. This is exactly the wrong thing to do. This article will tell you what to do with each document.
Your Will is the document which tells how your property should be divided after your death. Every individual person should have his or her own Will. A such, a married couple should have 2 wills among them rather than just a single will. After fully executing your Will according to state law where you live, you should be certain to let your loved-ones know of its existence and where to find it. You do not need to let them read it, but they should know how to get access to the document. I highly recommend keeping it in a fireproof box or safe in your home. Or perhaps in a safe deposit box. It needs to be protected from fire, flood, and other potential disasters. If an unfortunate disaster ends up being your demise, you want your Will to survive that disaster to ensure your wishes are carried out.
Powers of Attorney are documents which give trusted individuals the legal authority to make decisions for you in the event that you are incapacitated. I recommend having two separate documents, a Medical Power of Attorney and a Statutory (or Durable) Power of Attorney. The Medical Power of Attorney gives the named person the ability to make medical decisions for you if you are incapacitated (for instance in a coma). The person named in the Medical Power of Attorney should be someone who is good under pressure and someone you trust to make good medical decisions for you. You should also discuss generally with this person your wishes. The Durable or Statutory Power of Attorney is also a document giving legal authority to someone in the event that you cannot perform on your own, but this document revolves around finances. If you are in a coma or otherwise legally incompetent, you need someone with the ability to pay your bills and access your bank accounts. That is exactly what this document does.
In both cases, the people you designate as your agents in these Powers of Attorney should be given a copy of the documents to keep in their possession. This is so that they can easily access the documents and provide proof of their authority quickly and easily if it is ever necessary. You should also keep the original in your possession in a safe place. I recommend keeping them with your Will.
The last Estate Planning document which most people have is a Living Will. The Living Will is a document which defines your desires if you are incapacitated and need life-sustaining treatment. It tells your doctor whether or not you wish to be placed on life support if you are in a terminal condition. You doctor should maintain a copy of your Living Will in your medical records. You should also keep a copy of this document with your will.
It is extremely important to be prepared for your death. Although it is a difficult topic to consider, it is something each and every one of us is going to face. Being prepared today will help your family in a difficult time because there will be fewer things to worry about. You have already written your wishes on paper. The Powers of Attorney can also help eliminate costly and lengthy legal battles for which there is no time when your life is at stake.
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