<p>My H and I are trying to sort through the legal papers that grown-ups ought to have now that we have no minor children.
I know we need to update our wills. What do we really need (kids are all over 21)
Medical stuff? What kind of power is what? Durable power of attorney means what?</p>
<p>HCPOA - health care power of attorney.</p>
<p>Everyone should have one of those, regardless of how old their kiddos are, or whether or not they’re married or not.</p>
<p>Ok, Where do we download this?</p>
<p>A,living will</p>
<p>Living wills seem different in different states. Hopefully people will fill in information.</p>
<p>Big one, simple will vs trust. Do you disperse all if you and spouse are hit by a bus or do you hold back in some way (trust.)</p>
<p>passport ;)</p>
<p>We have a simple will. Our kids are grown ups…we don’t feel a need to “hold back” once we are gone!</p>
<p>One thing we have (in a safe place) is a list of all bank accounts, life insurance policies, annuities, retirement info, and all passwords for online access to things. Important so everyone knows what we have, where to find it…and how to get to it.</p>
<p>Thumper, good idea.</p>
<p>Great idea, thumper. We are trying to make sure we have that info gathered. It used to be more scattered.</p>
<p>You need (or should have):</p>
<p>Health care proxy/health care power of attorney: a document that enables a person to make medical decisions for you if you are unable to do so. (Note: copies are often acceptable.)</p>
<p>Power of attorney: a document that enables a person to make financial decisions for you if you are unable to do so. This terminates upon death. (Note: you often need an original for this; banks do not accept copies. It needs to be notarised.)</p>
<p>Both of these documents should be updated every five years or so: whomever is permitting you to make decisions on someone else’s behalf needs to have a reasonable belief that this represents the wishes of the person AND is not superseded by a more current document.</p>
<p>You may want a living will, which is a document that states that someone is free to terminate care. </p>
<p>You may want:</p>
<p>A pour-over will and a living trust: documents which enable most of your estate to skip probate. You put some property into the trust, and then upon your death, all of the property so designated in your will rolls over into the trust. (You may need a realty trust to do this with your house.) Property in trust is not subject to probate, and it can help to reduce or eliminate your state estate tax burden. </p>
<p>If you are worried about kicking the bucket early, then your spouse remarries and bequeaths everything to her/him, and the new spouse gives it all to his/her kids from a prior marriage (leaving your kids out in the cold), you can put a QTIP trust into your estate plan.</p>
<p>No matter what, have back-up attorneys-in-fact and executors.</p>