Randy Eschels photo

Randy Eschels, CLU, ChFC, CFP®

 

Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009

 

Phone:  248-644-1144

             800-969-9990

Fax:      248-644-7820 

 

Email: randy@eschelsfinancial.net

Website: www.efg-ida.com

May/June 2020

Do You Have These Documents

Do You Have These Documents

Life insurance is about taking care of those you leave behind, but it’s not the only way to take care of the ones you love. Three legal documents – a will, powers of attorney and an advance directive – are essential elements in an overall strategy to protect the ones you love, providing a measure of certainty when you can’t. An estate planning attorney can help you create and update these legal documents.


Will
A will is the one estate planning document most people need, even when they don’t have great wealth. More than a way to direct how your assets are distributed, a will can also provide crucial instructions for taking care of minor and special-needs children. Although you may need an estate plan for more intricate instructions, a will can provide basic information such as the names of potential guardians and directions for distributing assets to care for those left behind.


Powers of Attorney
While a will may be the centerpiece of your estate strategy, financial powers of attorney name a person who will handle your financial affairs if you can’t. Two common types of these assignments are limited and durable powers of attorney.


Singular events, such as an absence when signing a legal document is required, might activate limited powers. Durable powers of attorney typically go into effect when people are incapacitated and can’t make financial decisions for themselves. In the latter case, it is important to clearly define the incapacity that would activate the powers.


Advance Directive
When you can’t make healthcare decisions like end-of-life treatment for yourself, an advance directive can provide general guidance. For instance, you may not want resuscitation or ventilator assistance if you are nearing end of life or have suffered significant brain damage.


Alternatively, you can assign healthcare, or medical, powers of attorney to individuals who would make these decisions for you. Consult with your family and legal advisor to make these and other estate strategy decisions carefully.


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