Guest Post by Vielka Burey-Jacas (@Vielkaburey)
There are days when we realize how vulnerable life can be. Be it because we witness the dead of a family member or simply because we realize we have aor two, we might come to thoughts of the future and how we want our assets, treasures or simply things of emotional value – the things we’ve worked so hard for – to be handled.
The thoughts of lifedoes not cross our minds when we are young, because we feel invincible. Our thoughts change when we become parents or witness others being hit by a long term illness. Therefore, I have come up with three of the most important documents that should be in your .
A living will is a that an individual can use to make his or her decisions regarding life extension of medical treatments. You, are able to indicate which treatments do or do not want applied to you in the event you either suffer from a terminal illness or are in a permanent vegetative state. This type of will does not come effective unless your become incapacitated. You would still be resuscitated, even if you had a living will indicating that you don’t want life prolonging procedures. A living will is only used when your ultimate recovery is hopeless.
DURABLE POWER OF ATTORNEY
A “durable” power of attorney is a general, special or health care power of attorney that contains special durability provisions. If you become mentally incompetent while you have a power of attorney document that’s already in effect, a durability provision will allow the document to stay in effect. It is important to select someone you trust. The relative, friend or business you choose to be your will be acting on your behalf regarding your financial or health care issues. You need to choose someone who won’t abuse the powers you grant to them and will look out for your best interests.
It is very important to have a will unless you want the state that you live in to decide what happens to your estate. If your situation is simple, perhaps you’ll be able to create one on your own or use one of those inexpensive computer programs. I particularly prefer to use an attorney who will write specifically what I want.
It is not for the rich to write a will. In it, you can not only distribute your assets to the person you wish to ultimately keep them but, you’ll be able to write you last wishes – such as where and how would you like to be buried and planning your funeral from the music to the pall bearers. In the end, it is your life and we all have only one to live.
ABOUT THE AUTHOR: Vielka Burey Jacas is a Certified Financial Planner and a volunteer expert at LifeTuner. Vielka has a passion for helping family, students, homeowners, businesspersons, employees and other Latino community members expand their opportunities through improved financial literacy, and has extensive experience in the private banking and investment planning sector, having spent many years with both domestic and international banks.