Part of the planning for your financial wellbeing must include living trusts/wills, a health care directive, and power of attorney. The first step of estate planning is determining your net worth, which is something we offer here at Cinergy Financial. We help you understand the difference between a living will and a living trust. A Living will is a legal document that allows you to make your wishes clear regarding medical procedures you want performed or don’t want performed should you become unable to voice your wishes. A living will is a kind of advance directive regarding your medical treatment. Another type of advance directive is the “do not resuscitate,” or DNR, directive that instructs health care professionals not to take life-saving measures. Another type of medical directive is a medical Power of Attorney (POA), where you name an agent who will decide treatment options and resuscitation for you in the event you cannot make these decisions yourself.
Another important component of estate planning is a living trust, which is a legal document that you create where a designated person, the trustee, is given responsibility for managing your assets. A living trust allows for the easy transfer of the trust by bypassing the often complex and expensive legal process of probate. A living trust grants a trustee legal possession of assets and property that flow into the trust. We here at Cinergy Financial can help arrange for you to learn about estate planning.