While we will be resuming our "Caring for an Aging Parent" series soon, an interesting question came up recently that we want to share.
A potential client called us the other day and asked us which estate planning documents were absolutely essential. It is our belief that everyone 18 years and older should have two documents:
1. Durable Power of Attorney for Health Care
2. Durable Power of Attorney for Financial Matters
These documents ensure that someone can act on your behalf if you’re disabled or incapacitated. Without these documents, a guardianship will likely be necessary. Guardianships are typically costly, time-consuming and stressful. In a guardianship, you lose control and the Court decides who will make health care and financial decisions for you.
It our experience that families could alleviate stress and save thousands of dollars by executing these two documents when they are healthy and able to do so.
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