End of Life Documents:
What are they and do I need them?
DURABLE POWER OF ATTORNEY:
This appoints another person to transact business, legal and financial matters for you until you die. http://powerofattorney.com/durable/
Why do I need this? Let’s say you are incapacitated by an accident or illness, it allows a person that you have chosen to handle financial decisions on your behalf (bank withdrawals, deposits, mail, paying taxes, etc.).
APPOINT A HEALTH-CARE REPRESENTATIVE:
This allows someone to act on your behalf to make health care decisions if you are unable. It allows them to review health records, authorize admission or discharge from a hospital, and make decisions about life sustaining medical procedures.
Why do I need this? You will have peace of mind knowing that your wishes will be fulfilled as you intended, especially when it comes to life-sustaining medical interventions. It also helps to avoid family arguments.
ADVANCED DIRECTIVES OR LIVING WILL:
These documents allow you to put in writing the decisions you have already made about your health care – instructions for your doctor—so that your wishes and values are followed if you are unable to communicate. https://www.everplans.com/articles/maine-advance-directive-form
Why do I need this? It helps to ensure that you will receive the treatment you’ve decided on beforehand if you are terminally ill or become unconscious.
A WILL OR REVOCABLE LIVING TRUST:
This allows you to document who will inherit your assets when you die, and in what manner. These two documents will help to eliminate, avoid or postpose taxes that payable when you die. An attorney can help decide which of these documents is better for you. https://www.legalzoom.com/articles/will-vs-living-trust-whats-best-for-you
Why do I need this? If you do not have a Will or Revocable Living Trust, the government will be able to decide how and to whom your assets are distributed and it may not be to those you intended.