You can have an agent primary or backup who can make medical decisions for you when you’re no longer able to. One of the most well-known primary agents is the spouse. The health POA assures that all respects your wishes even if that’s not the thing you’d prefer.
4. The Durable Power of Attorney
It’s a legal instrument which appoints and authorizes an agent to act as your representative regarding financial decisions if you become incapacitated. An agent could be your spouse or someone else with broad or limited authority who is able to manage your financial affairs. The durable POA is able to be cancelled at any point. The validity of a durable POA expires at the time it is taken off. If a physician has certified the incapability of you, you can create a springing clause.
5. It is the Revocable Living Trust
A legal document created during one’s lifetime that puts assets in trusts for specific beneficiaries. In order for it to work it is not required to undergo process of probate in the court. Trusts are best for individuals with complex estates and multiple beneficiaries. Trusts are able to hold all assets regardless of the size. It has no asset limit. The trust saves you money as well as the burden of probate since the trustee transfers the assets to the beneficiaries according to your wishes when you die. A further benefit is that it lets you manage your trust’s assets while you are alive and able since it doesn’t take away your rights to control the funds in the trust.