Finishing the lawyer option myself now. It's not cheap but very thorough. State law governs this, of course, but mine includes: - trust - will bequeathing everything to trust - Living will and advanced medical directives - Durable POAs between husband and wife - medical POAs between husband and wife - list for directed disposition of property at death (Mom's ring goes to the daughter...) - probably some things I forget - heaps of contingencies including things I didn't think of like what happens if wife and I die in the car accident, daughter dies in the hospital after 9 days, so son becomes beneficiary of trust, but with a professional trustee, until reaching 25 years of age with support and educational expenses to be paid by the trustee until that time...
It's a huge document, and you have to read carefully to make sure there are no errors, but I'm looking forward to having that done.
Also, a trust can protect your assets under many circumstances which you don't enjoy without one. You also have to get off your ass and move shit into the trust like deeds, titles, bank accounts and name the trust as beneficiary to ira, 401k, life insurance, etc.
Be sure to include a beneficiary to every single income generating item such as pensions. My dear old mom died and left a tiny pension benefit (1200 us) and because she didn't designate a beneficiary, the company kept it. I'm poor enough I could have used it, but there you have it.
I don't have any of that. I live in a camper and I'm not married and have no kids. All the money goes to my brother, father, and the niece and nephew, via beneficiary designations at my various banks and retirement institutions. I'm just trying to figure out stuff like what happens if I end up in the hospital and I'm a vegetable. I see what they do to people when loved ones aren't there. I'd imagine all the stuff I have stored at my father's would just get divvied up silently. But like who gets my camper? That's at least paid off and the titles in a folder at my dad's and I have no debt.
Hospital as a vegetable: - living will to tell them to support you or let you go, your secretary of state probably has the forms. You should go all or nothing on this - the hospital will find a way to rack up the bills unless you are very clear about declining all heroic measures to keep you alive. Keep me alive or do not keep me alive. - medical POA to someone who will carry out your wishes medically, also check secretary of state with site - durable POA to somebody who can manage your affairs, maybe secretary of state has basic forms - the trust can provide direction for when you are incapacitated, not sure what the options are here. Trust may also protect property from some of the hospital debt
The thing about power of attorney is that it is something you give, but I don't believe that the designated person is required to give a shit. They can do nothing. Has to be people you trust.
That's interesting. I don't really trust anybody. So now what? I think my brother would do it out of obligation, but I think he might let me linger more than I want to. He's not really good at making decisions.
but I don't believe that the designated person is required to give a shit
That is correct. You give them the power to act, but they're not required to act.
You want what's called a living will - it specifically directs what happens to you in exactly the situation you described.
You may also want to give someone you trust power of attorney which allows them to act on your behalf, but the living will is the ultimate say-so, and overrides POA. POA tends to end when you're incapacitated, so if you want them to be able to act on your behalf in a non-life threatening but still dangerous situation, make sure the POA is "Durable power of attorney."
Just make sure these say exactly what you want, because they're legally binding.
I would add, "Healthcare Power of Attorney" here. There are different flavors of POA, but having the living will, advance healthcare directive, and healthcare POA meets most of the objective.
All of these (if relevant in your state) could probably be downloaded from the secretary of state website. You can fill them out by hand or print one up.
You will need to sign these with a notary public. That will cover the extended life support situation.
Forgot to at you
Do a power of attorney for someone
I I wanted to do my father first and then if he dies then it would go to my brother. I just want someone that has my best interest. After seeing my mother die and the bullshit that she had to go through I really want to make sure that hospice if I go that route kills me pretty quick and not drag my ass out so they can get a payday.
Solid advice. Wills also protect your family from drama if you have a non-contestation clause so that if one family member gets butthurt, they cant snarl all your heirs in court for years.
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