JUNE 1, 2020: Nothing matters more than the safety and wellbeing of your loved ones. You want to make sure they live comfortable, happy lives, no matter what may happen along the way. To achieve this ideal sentiment, you must be willing to plan accordingly. Two such actions you can take to ensure a secure financial future for you and your loved ones include having the proper life insurance and securing end-of-life documents. Most are familiar with life insurance, but end-of-life documents are not wholly common knowledge. Here are the most important end-of-life documents you need to secure.
Durable Power of Attorney
A durable power of attorney is a document that appoints another person or agent to manage your personal, legal, and financial affairs should you become unable to do so yourself. For instance, if you were to become incapacitated by a car crash or become mentally compromised from Alzheimer’s disease, this appointed agent could continue to pay your bills and manage other important matters.
Not having a durable power of attorney document can exasperate already difficult issues. Without such documents, your family will have trouble obtaining the rights to guardianship and conservatorship as well.
Documentation that appoints a health-care representative to make decisions on your behalf is also vital if you become incapacitated. This representative will have the power to review health-related documents and records, authorize admission and discharge from hospitals, and give the final say on life-sustaining medical procedures.
A living will can also be referred to as advance care directives or healthcare directives. This document allows for your healthcare treatment instructions and wishes to be followed even if you are unable to articulate them yourself.
Living wills are very important; without one, the ramifications could result in your family and loved ones going to court. Various requests are written in living wills ranging from what type of pain relief you want to be administered, to if you would like to be put on artificial life support in the event of a brain-damaging accident.
A will is an end-of-life document that specifies who of your family and loved ones will inherit your possessions and assets upon your death. Having a will in place is necessary as it prevents the state from dictating to whom your assets are distributed. Furthermore, if you have children who are minors, you can establish guardianship with a will.
Securing End-of-Life Documents
In addition to writing these aforementioned documents, you must also secure them. You can secure these documents in safes, filing cabinets, or even by making digital copies. On top of keeping end-of-life documents safe, you should also keep them organized.
About National Catholic Society of Foresters
At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our new MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact our friendly experts today at (855) 804-7424.