Who will make decisions about your finances and health (maybe even your life) if you get COVID-19?
is meant to ease your fears. After all, wouldn’t you feel better knowing that the burden of making health and financial decisions will never fall on unprepared family members?
“Estate planning is more than just getting a will,” Walny said. A strong estate plan will also include several other important documents, such as a revocable trust , financial powers of attorney, health care powers of attorney, and more. “All of these documents are important and serve a role in the overall planning,” Walny said.
Bross added that without an FPOA, there is no person with the ability to act on your behalf. “Family members will be required to request the probate court appoint a guardian to have these powers,” he said. “The court process can be time-consuming and expensive.”Similar to a financial power of attorney, Bross explained that a health care power of attorney is a legal document that gives an agent the authority to make health care decisions on your behalf if you are incompetent or incapacitated.
A will also allows you to appoint a guardian to take care of minor children. Again, if you don’t have a will, a court will decide who is the best person to fulfill that role. “This limits a parent’s ability to have any say in the process,” Bross said.Essentially, a revocable living trust is a legal contract that you make with yourself to create an entity to hold your assets, Basu explained. You can change your trust at any time , and you can set it up to outlive you.
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