April 10, 2014 by generationsprobate
Failing to set up an estate plan is the last thing you’d want to worry about as you advance to old age. Estate planning secures your loved ones’ future by arranging the transfer of your estate to them before you pass away. In setting up an estate plan, you have to identify and understand the different elements that can lead to a smoother transfer of your wealth to your heirs.
You are likely to become physically weaker as you get older, not to mention lose the ability to make decisions independently. An estate plan, therefore, typically includes the durable power of attorney. This is the part where you name someone to act with authority on your behalf. This person can sign documents in your name without being questioned and even make important decisions concerning your estate.
Aside from the durable power of attorney, you might want to set up a living will. This is an element of estate planning that enables you to get life-prolonging treatments when you are no longer physically capable of arranging these services. This can be differentiated from a last will as a living will is meant to protect you from losing your chance to decide over your estate while you are still alive.