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No one really wants to think about the possibility of getting old, contracting a terminal illness, and dying. Mortality is something we all face, but of which none of us enjoy being reminded. From a practical standpoint, however, dealing and coming to terms with one’s own mortality and aging process is not only realistic, but advisable.

This is where estate planning comes in; keeping a will, setting up trust funds, and arranging for the distribution of one’s assets after death - all are undoubtedly very important to the future of your property and your loved ones. It is also important, though, to remember that the task of estate planning is not something which affects only the distant future; nor is it a project which shows benefits only after death. In fact, one of the most important components of any complete plan deals with what happens while you are still alive.

Imagine, for example, that in a car accident, you suffer a severe head injury and fall into a coma. The doctors tell your family that the chance of recovery is slim, and ask them to decide whether or not to continue your life support. Now your loved ones are in an incredibly difficult situation. They are confused, distraught, and unable to decide what you would have wanted. Bitter conflicts may arise and tear apart family members who were once close. The recent case of Terri Schiavo is a sobering example of what can happen without proper preparation.

Advance healthcare directives are documents and legal arrangements designed to prepare for the event of your incapacitation. If you are in an accident, contract a terminal illness, or are otherwise unable to communicate your wishes personally, they allow your loved ones to know for sure what your wishes are, saving them the agonizing task of making such a decision themselves. Two types of advance healthcare directives are:

- Living Will - a document which states your wishes in regard to certain life-prolonging treatments. If you are certified as incapacitated and terminally ill, a living will tells family members and doctors how to proceed.

- Healthcare Proxy - a type of power-of-attorney which appoints a representative, or proxy, to act on your behalf, should you become unable to do so yourself. By discussing potential situations with your proxy beforehand, you allow him or her to make decisions based on your wishes, even when you are incapacitated.

To learn more about effective estate planning strategies, visit the website of Austin probate attorneys Slater & Kennon, LLP at http://www.probatelawyeraustin.com

Joseph Devine

Article Author :Joseph_Devine

Tags: trust fund

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Tags: trust fund