The coronavirus has impacted nearly every part of our lives. And while these are unprecedented (and sometimes scary) times, it does create an incentive to review your current estate plan. Unfortunately, this part of an estate plan is often overlooked. Here are the 3 "lifetime documents" that every South Dakotan should have.
Document #1 - Durable (Financial) Power of Attorney
A Durable (Financial) Power of Attorney allows a trusted person to handle your financial affairs if you become mentally incapacitated. This document can authorize another person to act on a broad range of matters, such as buying and selling real estate and personal property, managing your banking and investments, operating a business, handling taxes and lawsuits, and applying for government benefits.
Document #2 - Health Care Power of Attorney
A Health Care Power of Attorney designates someone to be your representative in the event that you are unable to make or communicate decisions about aspects of your health care. It is very important to trust your representative, as they may be charged with making life-or-death decisions for you.
Document #3 - Living Will
A Living Will allows you to state your wishes for end-of-life medical care. This facilitates you making your own choices about life support and helps prevent confusion about the type of care desired or not desired in the event that you are incapable of communicating.
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