It’s a fact of life…one day, we’ll all die. Before that happens, you have time to help your loved ones avoid hardship by planning for life without you. Make sure you have your finances in order before it’s too late. Need assistance? AARP ElderWatch can help by pairing you up with a financial counselor. Read below for a breakdown of legal documents you need when planning for the end of life.
Will: A will is a legal document that dictates how your assets will be distributed when you die. Yes, you still need a will even if you don’t have many assets. List your property and assets, who inherits the property/assets, the person appointed to distribute your assets and how to pay any debt/takes you owe after death. Sign your will in front of two witnesses or a notary to make it legal.
Advance Directive: An advance directive is a legal document that lets a healthcare team know your preferences for medical care when you are not responsive. These directives outline your preferences for resuscitation and lists your Durable Power of Attorney – the person you appoint to speak on your behalf regarding medical care if you can no longer speak for yourself.
Power of Attorney: There are multiple types of Power of Attorneys (POA), which is a legal document giving one person the power to act for another person. A limited POA gives someone the power to act for you during a set time period. A general POA gives the person all powers and rights you have for yourself. A durable POA represents you if you become incapacitated.
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This story is provided by AARP Colorado. Visit the AARP Colorado page for more news, events, and programs affecting retirement, health care, and more.
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