Fp101 R6 Wk5 MustHaveDocumentsWorksheet
University of Phoenix Material
Must-Have Documents Worksheet
In the assignment for Week 5, you completed the four must-have documents: a will, living revocable trust, advanced directive, and durable power of attorney for health care. Congratulations! You have done something unfortunately too few people take the time to do, yet something that is absolutely essential to your ability to protect yourself and your family. If you have not already done so, take a moment to give yourself a pat on the back. You deserve it! Now it is time to talk about what you have done.
Answer the following questions about the must-have documents. Each response should be 50–150 words in length.
Purpose of Documents
1. What is the purpose of a will?
A will serves a variety or purposes. Mainly it serves the sole purpose of making dispositions or your property to take affect upon your death. It also serves as a way to appoint someone in charge of your estate as well as appoints someone to take care of your children upon your passing
2. What is the purpose of a living revocable trust?
A trust is an agreement that determines how a person’s property is to be managed and distributed during his or her lifetime and also upon death.
It in most times cuts out the probate after ones death, where once in probate everything could be taken away to begin with.
3. What is the purpose of an advanced directive and durable power of attorney for health care?
An advanced directive or power of attorney for healthcare is an important one to have because it lets people know what medical help you want in the event you are unable to make the decisions for yourself. The advanced directive lets the hospital know if you want to be resussetated and what kind of care you want if you pass while seeking medical attention. Power of attorney for health care lets someone you appoint to make decisions for you in regards to your medical treatment in the event you are incapacitated.
Document Information and
Must-Have Documents Worksheet
In the assignment for Week 5, you completed the four must-have documents: a will, living revocable trust, advanced directive, and durable power of attorney for health care. Congratulations! You have done something unfortunately too few people take the time to do, yet something that is absolutely essential to your ability to protect yourself and your family. If you have not already done so, take a moment to give yourself a pat on the back. You deserve it! Now it is time to talk about what you have done.
Answer the following questions about the must-have documents. Each response should be 50–150 words in length.
Purpose of Documents
1. What is the purpose of a will?
A will serves a variety or purposes. Mainly it serves the sole purpose of making dispositions or your property to take affect upon your death. It also serves as a way to appoint someone in charge of your estate as well as appoints someone to take care of your children upon your passing
2. What is the purpose of a living revocable trust?
A trust is an agreement that determines how a person’s property is to be managed and distributed during his or her lifetime and also upon death.
It in most times cuts out the probate after ones death, where once in probate everything could be taken away to begin with.
3. What is the purpose of an advanced directive and durable power of attorney for health care?
An advanced directive or power of attorney for healthcare is an important one to have because it lets people know what medical help you want in the event you are unable to make the decisions for yourself. The advanced directive lets the hospital know if you want to be resussetated and what kind of care you want if you pass while seeking medical attention. Power of attorney for health care lets someone you appoint to make decisions for you in regards to your medical treatment in the event you are incapacitated.
Document Information and