End-of-Life Financial Planning Documents

Got a will? Here are 11 more end-of-life documents you may need 

by Kelli B. Grant for CNBC.

"Anyone remember the death rate in the United States? It's... one per person. Nobody is getting out of here alive. We never know when death will happen, just that it will," Amy Florian explained to a group of financial professionals. 

Not to discourage you with a long list, but it's really time to quit delaying and do some estate planning. For those of you who have a will and think that you're done... there are a few more documents to make life easier for your survivors. 

Start with a will and then...

In addition to a will, you may also need:

1. a living will: dictates what medical treatments you do and don't want in different circumstances. The Five Wishes planner ($5)  "covers a wide range of comfort and care preferences. It's meets the legal requirements for a standalone advance directive in 42 states and Washington, D.C., and in the rest, can be used in conjunction with the state's living will forms." 

2. POLST: Physician orders for life sustaining treatment, forms are an "option for consumers to dictate their end-of-life wishes, Florian said. Most states offer them, under various names and programs (check polst.org)." 

3. Power of attorney for Healthcare/Healthcare proxy: Names a person to make health care decisions for you when you are incapacitated. 

4. Durable power of attorney: names the person to pay bills and make financial decisions on your behalf. 

5. DNR/DNI orders: do not resuscitate/do not intubate (may be included in POLST but redundancy can be good). "Resuscitation is the only medical procedure routinely done without permission, so [a DNR] has to be accessible."Post it on your refrigerator. 

6. Diminishing capacity letters: Your advisor may ask you to sign one. "It gives that professional permission to call specific trusted individuals (usually, your powers of attorney and/or a family member), if they have noticed some diminishment in your physical, cognitive, mental or psychological capacity."

7. Organ donor designation: "Checking the organ donor box on your driver's license isn't enough, Florian said — your license may not end up at the hospital with you in an emergency, and your family has the potential to override the designation." If you want to donate, register with the National Organ Donor Registry at organdonor.gov.
8. Life insurance: if loved ones are dependent on your income or services (homemaker). Ensure that "you can fulfill your financial responsibility to the people you love."
9. Personal property memorandum: "personal possessions can be a significant source of will contests and family disputes." Can be included with a "letter of last instruction" and can be updated without changing one's will.
10. Digital assets memorandum: "Specify in your will who you want to own or have access to your digital assets and accounts like social media and email." BUT, do not include usernames and passwords in your will which can become a public document. Provide a separate list and keep up to date in the cloud or backup device.
11. Relevant info collection: "Keep a list of where important documents and items are kept, and provide it to your financial advisor or another trusted individual. That includes everything from key documents like wills, powers of attorney and Social Security cards, as well as physical items like keys to the car and your safe deposit box. It also helps to have account logins and passwords, and details that could help caregivers like long-term care policies or veterans benefits eligibility."
Full details at: https://www.cnbc.com/2017/11/15/12-financial-planning-documents-to-handle-health-end-of-life-care.html