12 End-of-Life Documents You Need Now
Thinking about the end of your life is never pleasant. However, estate planning is the best way to take care of the ones you love after you are no longer with them. Our Maryland estate planning attorney helps you develop a plan that protects your assets during your lifetime and ensures your wishes are carried out after your death.
Twelve Estate Planning Documents You Need Now
Everyone can benefit from estate planning. As you seek legal advice about your estate plan, you may want to discuss these 12 specific documents with your estate lawyer:
1. Last Will And Testament
Everyone needs a Last Will and Testament, regardless of their financial situation. Having a will ensures that your wishes are carried out. Dying without a Will results in the Maryland intestate laws deciding how to distribute your assets.
2. Letter Of Instruction
A letter of instruction is placed with your will to instruct your personal representative about how you want your estate administered. The letter of instruction is not a legal document. Therefore, it is not legally binding.
However, it allows you to explain sentimental items you wish to leave to specific individuals. You may also leave personal messages to a specific family member. You can also remind your personal representative of items that could be overlooked, such as digital assets, a deposit box, or accidental life insurance policies.
3. Durable General Power Of Attorney
A durable general power of attorney allows an agent you choose to conduct financial matters in your name. The authority to act on your behalf does not terminate after you become incapacitated. Therefore, a durable general power of attorney typically avoids the need to appoint a conservator if you cannot manage your finances.
4. Living Will
A living will or advanced directive gives someone the authority to make end-of-life decisions for you if you are terminally ill. If you are unable to speak for yourself, this person can stand in for you to deny or allow life-prolonging medical treatments, such as feeding tubes and life support. You may also want to include a DNR order if you do not wish to be resuscitated.
5. Healthcare Power Of Attorney
A healthcare power of attorney allows someone you choose to make health care decisions on your behalf. If you cannot make medical decisions, your agent consults with your doctors to choose the medical care you receive based on your stated preferences.
6. Beneficiary Designations
Life insurance policies and retirement accounts do not pass through your estate. Instead, these assets pass directly to a designated beneficiary after your death. If you do not have a beneficiary designation, the assets would be paid to your estate and distributed according to your will or intestate laws.
7. Funeral Plan
You can plan your funeral before your death. Many funeral homes allow individuals to plan and pre-pay their funeral costs. If you do not want to pay your funeral costs in advance, you might place your wishes for your funeral in writing for your family members.
8. Appointment Of A Guardian
Parents need to appoint a guardian for their minor children, or the state will do so after their death. In most cases, parents appoint a guardian for their minor children in their Wills. They may also set up a testamentary trust and appoint a trustee to manage their children’s inheritance through their Wills.
9. List Of Digital Assets
It is wise to make a list of all digital assets, including logins and passwords. This list should be kept in a secure place that your representative can access after your death. Digital assets include any account you control online, including financial accounts, email accounts, social media accounts, and rewards accounts.
10. Organ Donor Designation
Many people choose to be organ donors when they apply for their driver’s licenses. It is also wise to complete an organ donor designation to state your desire to donate organs and tissues after your death. You can choose a specific organization to donate your body to after death, such as a research facility or university.
11. HIPAA Designation
It can be difficult for family members to access personal health information without a signed HIPAA form. Even though you sign a healthcare power of attorney, you may want to sign a HIPAA form to allow a family member to access personal health information if you cannot do so yourself.
12. Revocable Living Trust
A revocable living trust allows you to manage your assets during your lifetime through a trust. Upon your death, the trust becomes irrevocable. An alternate trustee you appoint through the trust assumes management of the trust. The trustee disburses the assets according to the trust agreement.
The benefit of a revocable living trust is that the assets in the trust pass directly to beneficiaries without going through probate. Always consult with an estate planning lawyer before drafting a trust to ensure that a trust is a right choice for your needs.
Contact Our Maryland Estate Planning Attorney for More Information
It is never too early to develop an estate plan. We encourage you to contact our office to schedule a time to discuss your situation with our Maryland estate planning attorney. Let us help you draft a plan that protects you and your loved ones now and after your death.
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