With Valentine’s Day passed, love is on many people’s minds.  People celebrate love in a variety of ways, but it’s time to start thinking about your loved ones more sensibly. What if the loss of a family member were to occur, would you be prepared?

Let Thornton Law help fill in the gaps with a few tips:

  • A living will: A living will is a document stating one’s desire that life not be prolonged by artificial means. These cases could include falling terminally ill with a short period of time to live, a permanent coma, or a persistent vegetative state. It is also known as an Advance Directive for a Natural Death. It is often drawn up and used in conjunction with a health care power of attorney.
  • A last will and testament:  A Will is a series of directions written in the instance of your passing. They state what you want done with your belongings upon this instance. This includes specifying who’s in charge of dealing with your creditors, heirs, and the State of North Carolina. A will is also the place where parents with minor children make known who they want to be named as guardians of their children if they were to suddenly pass.
  • A trust: A trust is an arrangement that allows a third party or entity to hold assets on behalf of and for the benefit of a beneficiary or beneficiaries. There are many kinds of trusts such as living trusts, revocable trusts, irrevocable trusts, and special needs trusts. Most people associate trusts with wealthy individuals and families, but trusts can be an effective estate planning tool for anybody who wants to set up a mechanism to help take care of loved ones once he or she is deceased.
  • A health care power of attorney (HCPOA): An HCPOA is a document that allows someone who isn’t yourself to make decisions concerning medical treatment. If one is unable or incompetent to make these decisions due to injury or illness, that’s when a HCPOA is used. A health care HCPOA is only in effect while the patient is unable to make their own decisions regarding treatment.
  • A durable (or financial) power of attorney (DPOA): A DPOA is the financial counterpart to an HCPOA.  It allows for someone to make decisions and sign on your behalf concerning financial matters.

As you celebrate love this season, don’t wait to handle the important detail of estate planning if life hits with the unexpected. Contact Thornton Law Firm to learn more about how we can help protect the ones you love.