Planning for the future basically involves a number of benefits. For one, it prepares you and your family for the inevitable. Aside from that, it allows you to formulate your decisions level-headedly.
Then again, it is not unlikely for the task to become too emotionally charged at times, which makes it all the more fitting to get it done with a sound mind. But before you proceed with putting things in order ahead of time, it would certainly be a good idea to be familiar with the advantages of living wills and living trusts.
A living will contains instructions concerning your health care preferences in black and white. Your immediate family members, as well as your health care provider, will refer to these directives if you’re incapable of making or expressing your decisions about medical treatment. Anyone who has reached the legal age of 18 – or 19, in certain states – may draw up his or her own living will, provided that he or she is also of sound mind.
The biggest advantage of making a living will is that it allows you to voice out your preferences on the subject of life support measures and other medical treatment options. Even though your family and friends may not hold the same philosophy about the matter, the creation of such a legal document gives you an opportunity to confer with them and explain your choices.
You also get the chance to justify how your morals and values influenced your decisions. This furnishes them with a better insight into what you would ultimately want to come about in such difficult situations.
Without a living will, your immediate family members could face the possibility of paying large hospital bills. Aside from that, your savings account could also be used up to the point of bankruptcy.
So, in a way, the creation of a living will makes it possible for you to safeguard your family from the additional burden of searching for financial resources to pay for your hospital confinement and medical treatment – provided that the chances of recovering from your condition are very slim.
On top of the financial encumbrance, living wills also take away the likelihood of disagreements when trying to reach a consensus about your medical treatment. So instead of fighting against each other to determine what’s best for you, your family can concentrate more on accepting the inevitability of death.
A living trust is a legally binding arrangement that places all your assets in a trust. More often than not, the grantor or creator also serves as the trustee. Although, you may also appoint another person or institution to act as one in case you lose interest in the duty or become incapacitated to fulfill your obligations.
Speaking of its advantages, a living trust allows you to manage your properties for the purpose of generating profits for your beneficiaries. In addition, it makes it possible for you to conserve or look after your assets’ growth.
Another obvious advantages of living trusts are the probability of reducing estate taxes and controlling the administration or use of the assets long after the grantor has departed from the world of the living. These legal documents also offer protection for the beneficiaries against creditors.
The advantages of living wills and living trusts are indeed numerous. So before its too late, safeguard yourself and your family from the harsh reality of the inevitable and from the fact that things could turn out real bad without proper estate planning attorney.