If you are incapacitated or unable to communicate, do you have a plan to assign decision-making responsibility to someone you trust? While it is unpleasant to think about the things that could happen in the future, there is always a risk that illness or injury could make you unable to make these decisions by yourself.
You can prepare for the future by creating legal documents to manage your finances and appointing someone to speak for you in circumstances you designate. Not only do you need a living will, but an advance directive document is a way to make your wishes known.
What Is an Advance Directive?
This form outlines the type of care you want to receive so caregivers and doctors can help with medical decisions that align with your requests. Additionally, you can choose someone to speak on your behalf if you are unable to participate in the conversation due to illness or injury.
These documents are legally binding and relate to anything that you desire. For example, people often include requests for life support, resuscitation, and other medical interventions in their advance directive.
The main benefit of an advance directive is that it saves your loved ones from guessing what should be done with your medical care. You make your wishes known. Then your family members can have peace of mind in knowing that your wishes are being honored.
The Best Timing to Create an Advance Directive
When should you create this legal document? There is no reason to wait!
Sometimes, the motivation to create an advance directive is because someone has been diagnosed with a life-threatening disease and wants to share their wishes for upcoming treatments. But you can also design an advance directive while you are in good health.
Legal Help with Advance Directives
Learn about the two types of advance directives you can create:
- A durable power of attorney allows you to choose a person to act as your health care agent.
- A living will is a written document that lists the medical treatments you do/do not want.
Typically, the durable power of attorney for medical situations is the advance directive that designates a health care surrogate.
Often, an advance directive is included as a portion of a larger will or trust.
For more information about future planning, talk to our team at Bulman Wealth Group. We provide full-service solutions for your financial and legacy planning, giving you peace of mind for the future.
Disclosure: All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Chris Bulman Inc. dba Bulman Wealth Group an SEC Investment Advisor notice filed in California, Pennsylvania, Texas, and Nevada. Investment Advisory Services also offered through Retirement Wealth Advisors, LLC. a Registered Investment Advisor. Bulman Wealth Group and Retirement Wealth Advisors, LLC. are separate entities, independently owned. Insurance products and services offered through Chris Bulman Inc dba BWG Insurance Agency and Ameritas Life Insurance Corp. CA Insurance License #0D57586. Being registered as an investment adviser does not imply a certain level of skill or training. Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of California, Pennsylvania, Texas, Nevada, or where otherwise legally permitted. Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.
All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results.
Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual advisor prior to implementation. Investment advisory services are offered through Chris Bulman Inc dba Bulman Wealth Group, an SEC Registered Investment Advisor. Insurance products and services are offered through Chris Bulman, Inc. dba BWG Insurance Agency and Ameritas Life Insurance Corp., CA State Insurance License # 0M46922. Being registered as an investment advisor does not imply a certain level of skill or training.
Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.
Any statements or opinions expressed should in no way be construed or interpreted as a solicitation to sell, or offer to sell, advisory services to any residents of any State other than the States where otherwise legally permitted.
Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.
Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.
