University of Phoenix Material

Must-Have Documents Worksheet

In the assignment for Week 3, 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 yoourself a pat on the back. You deserve it! Now it is time to talk about what you have done. ml Answer the following questions in your learning team about the must-have documents. Each response should be 50-to 150- words in length.

Purpose of Documents

1. What is the purpose of a will?

The purpose of a will is to make sure that all of your assets are taken care of in the event of your demise. The document esnsures that your family or whoever is close to you are close to are left funds or property you own to pay for funeral costs and to help them so should you pass away.

2. What is the purpose of a living revocable trust?

The purpose of a living revocable trust is to for you to decide who your assets go to in case of death and how it is distributed. This is good for certain family members that may noy do the right thing should you pass away because it sets a limit to what can and can not be given.

3. What is the purpose of an advanced directive and durable power of attorney for health care? Advanced directives are documents that state your choices as patient involing treatment, life support, stopping treatment or life support. Durable power of attorney is you giving someone else the right to detirme treatment you receive. This covers everything concerning your health as and this power of attorney lets others dictate what happens to you should you become very ill.

Information and Completing Documents

4. What sorts of information were you required to supply to complete the must-have documents? Which of the information was most difficult to find? Why?

A will, living revocable trust, an advanced directive, and a durable power of attorney for health care was the information that wa required for the must have documents. Although nothing was difficult to find, the subject of an actual will was the most most difficult for me to