You could also create an irrevocable trust, which is more often used with Medicaid planning. With Medicaid planning, you need to be able to show that you no longer have control over your assets. The trustee in an irrevocable trust truly has control of your assets. This is good for when someone expects to become incapacitated in any way and you need a person you trust to manage your affairs. In these cases, the person making the irrevocable trust will put a small amount of money to the side for personal use.
What About Healthcare Related Planning Documents That You Would Recommend To Everybody?
Everyone should have a healthcare power of attorney, or advanced health directive. This allows a person to designate another person to make healthcare decisions for you, should you become incapacitated, unable to communicate, are unconscious, or lose your faculties. It is important that you designate someone you trust to make the decisions that you would want for yourself. A healthcare power of attorney can be customized so that specific wishes for specific situations can be detailed, including time limits on ventilators. Usually, these instructions are discussed with the designee of the healthcare power of attorney.
How Often Should You Be Reviewing Or Updating Your Estate Planning Document?
Reviewing or updating your estate plan is not a one-size-fits-all decision. You should review or update your estate plan whenever you have had any life changes. You might consider it when a loved one dies, when a loved one is born, when you buy or sell real estate or a business, when you get married or divorced, etc. Otherwise, it might be a good idea to revisit your estate plan every five years or so.
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