Advance Directives: Making Your Wishes Known

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Description: An advance directive names someone to act on your behalf or outlines how you want medical decisions to be made if you are unable to speak for yourself. While advance directives are not financial documents, they are often part of the overall estate planning process, because they arrange for decisions to be made on your behalf that could ultimately impact your personal affairs. Before you contact a lawyer about drafting an advance directive, you can save yourself time and trouble by understanding the types of issues the document should cover. As with an advance directive, it is important to update a financial proxy at least every five years -- otherwise, some financial institutions may not accept the directive as valid.
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