Nobody wants to plan for the end of their life, but it is necessary. It is important the right people are in place to make sure your assets are properly distributed as you desire.
Kelley and Ferraro Attorney Dayna DePerro is an expert on the matter. DePerro provided AWF Union Podcast listeners with some valuable insight on the end of life process when she appeared on today’s episode of the show.
End of life care
DePerro advised listeners they should at begin their end of life proceedings while they are still in decent mental and physical health. It is better to plan for things while you are still able to make conscious decisions.
Some of the decisions will need to make include designation of your beneficiaries, rights of survivorship, who is in your will and more.
DePerro then introduced listeners to estate planning. This is another form of end of life care to help your loved ones benefit from your personal property. If you skip estate planning, your things may go up for auction, angering or disadvantaging loved ones.
Wills and living trusts
Again, DePerro encouraged people to learn about wills and living trusts while they are fairly young.
She defined a will for listeners, describing it as a way to lay out what will happen to your possessions and money when you die. If you do not go through this process, your estate will go through probate court and it will take longer to get it into the hands of loved ones.
DePerro then defined living trusts. A living trust is a legal explanation for what should happen if a person slips into a major medical emergency. This includes the process for slipping into a coma. If you specify the hospital keeps you alive, you could end up spending all of your money on the bill.