It’s essential for everyone aged 18 and above to have a will, an advanced health care directive, and a durable power of attorney in place. However, many people haven’t done this yet. The reason could be our natural discomfort when it comes to discussing topics like death or the potential loss of our ability to sign legal documents. As we grow older, these conversations become increasingly important. If you’re assisting a friend or family member, it’s crucial to ensure that they have all the necessary paperwork completed. Remember, these documents need to be in place while the person still has the ability to express their wishes and make informed decisions.
Make it clear with a will
While it’s not mandatory for everyone to have a will, this document can greatly simplify matters after your passing. A will clearly outlines how you’d like your property and assets to be distributed, which can help avoid potential conflicts among your loved ones. You have several options for creating a will - you can write one by hand, fill out a notarized or witnessed form, or hire an attorney for professional assistance. If you own property or assets worth more than $50,000, have a complex family situation, or possess Native allotment or restricted land, having a professional help you create a will becomes even more crucial. It’s also important to appoint a trusted individual as your executor who will work with the court system to make sure your wishes are followed. Alaska Legal Services has a will form and information on how to complete it on their website.
Advance directives
Everyone should consider completing two types of advance directives: a durable power of attorney and an advance healthcare directive. A durable power of attorney is a document where you appoint a trusted person to manage your financial and personal matters if you’re unable to do so. However, this doesn’t include medical decisions. That’s where an advance healthcare directive comes in. This document allows you to name a decision-maker and describes your preferences about life-prolonging measures if you’re unable to communicate your wishes. Both of these documents need to be either notarized or signed by two witnesses.
Alaska Legal Services provides forms and explanatory videos for these documents. It’s important to note that a Do Not Resuscitate Order (DNR) is a separate document that you can complete with your doctor.
Transfers and trusts
If you own a house or piece of property, you might want to consider completing a “Transfer on Death Deed” that allows you to transfer this property without a will or going through probate. However, you cannot use this for a Native allotment or for property owned by several people. You can find a form to do this on the Alaska Court website.
There are many kinds of trusts, which are created to help people solve specific issues to manage personal income, property or assets, such as helping someone become eligible for Medicaid, protect assets, reduce tax liabilities, etc. For example, a Miller’s trust is set up to help someone who is just over the income limit become eligible for Medicaid. Trusts tend to be complicated and require an attorney to set up.
If you would like more information on this topic, come to AARP Alaska’s Financial Fitness fair on Sept. 7 at the Loussac Library in Anchorage to hear directly from the experts. Go to http://www.aarp.org/ak for more information about this upcoming event.
This article is intended to be a general summary and does not constitute legal advice.
Teresa Holt is the AARP Alaska State Director.
