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RETIREMENT & PASSING -
Living Wills & Last Will & Testament (continued)
b. A will is also a good place to indicate your thought s on funeral and memorial arrangements. If you have any special preferences or wishes in this area, include them as part of your will, and make sure the loved ones that will decide on the arrangements are aware of your wishes.
c. Locate a form for a last will and testament that is approved for use in your state of residence. These can be found in libraries and some retail establishments, but in today’s world they are most often found on the Internet. Many web sites are available that will prepare a standard will for you at a relatively low cost, or will sell you the forms required by your state for an even lower cost. Forms on some web sites are also free. A good source of free forms is the Internet Legal Research Group (ILRG.com). These forms are available to meet each state’s legal requirements, are easy to follow with instructions, and can be downloaded to your word processor to facilitate completion.
d. Review the forms for your state of residence, follow the instructions, and complete in accordance with your wishes. Sign the original (and only the original) in front of witnesses and a notary public, if required. Make copies for anyone you wish to give a copy to, and place the original in a safe place (usually a safe deposit box). Notify close relatives (or someone else if necessary) where the will can be found in case of death. If you have prior wills, destroy them so there is less chance for confusion over which will is in effect on the day of your passing.
e. If, after completion of your will, you change state of residence, make sure you
re-
2. If you become disabled to the point where you are not capable of making your own healthcare decisions (i.e., types of treatment and whether you are kept on life support), you will need a living will, and often a healthcare power of attorney, to have the best chance to have your wishes honored. Otherwise, a relative (most likely emotional), or a doctor (based on what they feel is medically, legally or morally right), or the courts will decide your future. A living will specifies the care you want if you become incapacitated and are not able to make your own healthcare decisions. The healthcare power of attorney names the person you want to make decisions for you. Both a living will and healthcare power of attorney are easily prepared at little or no cost.
a. The best place to start is to get the appropriate forms for these documents. Most hospitals have preprinted forms available for you to fill out with your wishes and designations. In fact, many hospitals will not admit you unless you have completed these forms. Another source of forms is over the Internet at web sites such as ILRG.com. In either case, make sure the forms are approved for use in your state and conform to state regulations.
b. Review the forms to determine what types of decisions you need to make. Discuss with any designated healthcare surrogates your wishes, and determine if they are willing to act in that capacity and make the hard decisions.
c. Follow the form’s instructions, fill in your preferences, and sign and have your signature witnessed as appropriate. Make enough copies to provide one each to your designated healthcare surrogate(s) and your primary physician for your patient file. Place the original in a secure place such as a safe deposit box, and make sure your surrogates are aware of the original’s location.
3. Also, consider making a list of all important information that your loved ones should know, should you become incapacitated or die, including:
a. A list of your wishes for any final arrangements, if not already included in your will.
b. A list describing where all of your important papers, such as wills, trusts, contracts, insurance policies, deeds, etc. are located.
c. A list (placed in a secure location) containing the combination of your safe (if any), passwords, codes, access numbers, and the location of spare keys.
d. A list of your assets, liabilities, what bills should and should not be paid, and who owes you money (with the location of appropriate documentation).
e. If not included in your will, provide a list of bequeathed personal assets. This can be a simple handwritten document.
f. A list of up-
g. Instructions on the future care of your pets.
Arranging a funeral is a time of emotion, but also a major expenditure of funds.
Sometimes, due to the emotion involved, the cost of funeral arrangements is not considered
in making decisions. When making arrangements, it is wise to remember that providers
of funerals are in business to earn a living. Like any business, some “vendors”
are very fair in the value provided for the cost, while others are not so fair. Some
vendors will attempt to sell you as much as possible, while others will take your
real needs and financial well-
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