What Are Ancillary Documents?
During the course of your lifetime, if you think you can predict the unpredictable you would be wrong. Have you and your family prepared for disastrous events that could suddenly occur and cause irreparable harm to your finances, health or family? Most likely you have not. It is bad enough that less than 45% of the adult population in the United States ever does any estate planning at all. In other words, most adults have neither prepared a last will or living trust that passes their assets at death to their heirs nor documents to protect themselves during their lifetime from a catastrophic event such as incapacity caused by a car accident, failed health, or otherwise. What about the other 55% of adults in the US who fail to do any estate planning whatsoever? Are you one of them?
Although Last Will and Testaments or Living Trusts are important, equally or possibly more important is the preparation of estate planning Ancillary Documents. What are Ancillary Documents? In the event of catastrophe should you become incapacitated and be hospitalized these documents authorize someone you trust to manage your assets, health decisions or other decisions that you are unable to manage yourself. Such Ancillary Documents include Durable Powers Of Attorney, Living Wills, Designations of Health Care Surrogates, Nomination of Preneed Guardians, Do Not Resuscitate Orders and more.
You may think that those that you love such as your wife or adult children can simply step in and manage your care in the event of your incapacity or unconscious state but you would be wrong. No one can make a decision about your health without a designation of health care surrogate document. No one can manage your financial affairs without a durable power of attorney. Furthermore, if you think that by simply putting someone on the title of your property deed to protect your home or by adding someone to your bank and investment accounts to protect your deposits is the answer, you would be wrong again.
In the event of a catastrophe, should you neither want to have damaged credit causing the potential loss of your home, car, and other possessions or property nor be able to reach important income or investment accounts necessary to pay for your care, then don't wait until it is too late! Contact Our Attorneys Now!