Planning Ahead
Planning for the future is an important part of everyone's life, whether or not you have CF. And most people want to make their own decisions when it comes to their finances and their family. To be sure your choices are carried out, you might need to plan in advance and communicate your wishes with your loved ones. This will also keep your family from having to make decisions on your behalf.
Depending on your situation, you may want an advance directive, a will, trust and/or power of attorney. You may also have questions about guardianship for your child. Below is some information but it is not legal advice. Be sure to consult an attorney licensed in your state.
What is an advance directive?
An advance directive tells your medical provider how you would like your medical care to be carried out if you become become unable to make medical decisions. It describes the kinds of treatment you would and would not like so that they are able to carry out your decisions.
What is a will?
A will is a legal document that describes how you want the things you own to be distributed. By writing this yourself, your loved ones will know how to follow your wishes.
There are at least three things your will should cover:
How your belongings (property, money, etc.) will be distributed
Who will care for your minor and/or disabled children
Who will be in charge of making sure your wishes are carried out
If you do not have a will, the state will distribute your property according to state probate laws. These laws may or may not do things the way you would like.
What is a trust?
Establishing a trust means that you are appointing another person to make decisions about your assets. This person is called a trustee. Some trusts give your trustee the power to make all of the decisions about your assets, while other trusts might have some restrictions. You may also give your trustee the power to make your decisions immediately, or your trust might go into effect only when you are disabled.
Because of all the important decisions your trustee will make, you should choose someone that can handle things like running your business, filing your taxes, or managing real estate.
What is a power of attorney?
Granting someone power of attorney makes that person your agent. As your agent, they may be able to make you financial decisions. That means they can help with paying bills, or managing your bank accounts, stocks or house. This arrangement is simpler and less expensive than a trust, but is not as flexible.
What is guardianship?
If you are a parent, you are responsible for the well being of your children. And it’s important to be sure that they’ll be taken care of if something happens to you. You can appoint a guardian that will provide them with food, clothing, shelter, education and medical care. This guardianship will last until the child is an adult, the child dies, or the child no longer needs a guardian. Sometimes, you might feel like the person you'd like to care for your child isn't necessarily the person you would like to be in charge of any inheritance you leave your child. If that's the case, you can name a separate person to manage your child's finances.
Do I need an attorney?
Different states have different laws, and an attorney may be more likely to understand the laws in your state. You may prepare a will without an attorney, but if your will is challenged it is more likely to be declared invalid. In that case, your property may not be distributed based on your wishes.
Because trusts are complicated, you should contact an attorney. You should also talk to a family law attorney when making decisions about guardianship for your child.
Be sure to check the Resources and Links section of CF Living to find other websites that may provide you with more info.
