AN ESTATE PLANNING MUST Why Everyone Needs Advance Directives
loved ones from having to make stressful medical decisions that may or may not be wanted by the patient. Some forms of advance directives include:
When discussing estate planning, we often think about wills and the disbursement of our belongings after we pass. Yet, there’s plenty to organize, protect, and ensure when we are still alive. One aspect of estate planning we often overlook are advance health care directives, including living wills. Advance directives are a wide category of written instructions covering your health care wishes, and a living will is considered a type of advance directive. If you find yourself severely ill or injured, advance directives help you express your health care preferences if you cannot communicate. What is a living will? While a living will is within the advance directive category, it specifically determines your wishes if you become terminally ill. Not everyone has the same wishes when it comes to end-of-life care, so your living will communicates what medical procedures you would or would not want to undergo if you were either terminally ill or in a coma. Some individuals may only want their life prolonged for a certain amount of time for personal or religious reasons, or not at all. A living will helps the medical staff and family follow those wishes. Different Types of Advance Directives Since it’s a broad category, not all advance directives are limited to terminal illnesses. Various forms of advance directives aim to help
• Medical Power of Attorney: A document that names someone who can make health care decisions for you if you can’t communicate • Medical Orders: Orders created by a medical professional with their patient’s wishes that are shared with other medical professionals. For example, it could detail a do-not-resuscitate (DNR) order. • Psychiatric or Mental Health Directive: A document created by a person with mental illness that details their health care wishes before a possible mental health crisis, when they may not be able to make decisions When it comes to advance directives, every adult should consider establishing their wishes as soon as they can. No one knows what the future holds, and it’s best to arrange your health care wishes before it’s too late.
To Buy or Not to Buy a House
Market Aside, Are You Ready?
Assess your finances. Potential homebuyers should be aware of the roadblocks before making any significant decisions. You’ll need to be entirely sure that your funds are ready to take the hit of both a down payment and a mortgage. Consider your credit, savings, and debt when determining your monetary readiness. These three financial aspects decide whether you’ll qualify for a mortgage. For example, those with credit scores lower than 600 will have slimmer chances and higher prices. Meanwhile, your debts can also hinder your ability to qualify for a mortgage if they’re disproportionate to your income. As for your savings, you will need enough money for the down payment, moving costs, as well as possible expenses associated with owning a home. Everything your previous landlord took care of will now be your responsibility. Even new homes have surprise repairs that will come out of your pocket.
If you feel financially comfortable to undergo the hurdles ahead (with a stellar credit score to match), you should be ready to start looking for a home! Consider some reasons to hold off on buying. While there are plenty of reasons why you should buy a home, there are also countless reasons why now might not be the right time for you. Look at your personal and financial situation and ask yourself: • Is your job secure? Have there been recent layoffs in your company? • Are you feeling pressured by family or friends? • Do your finances need some TLC? • Are you ready to put down your roots? These are just a few issues that can cause a disaster in the home-buying process. You will need to assess your situation and be honest about why you need to buy a home and if you’re financially prepared.
You’re probably hearing conflicting advice when it comes to home buying. While some say a recession is inevitable, others highlight the lowest selling prices in years. However, you should consider the current market conditions as context rather than deciding factors when buying a home. Whether or not the time is right to buy a home depends on your personal and financial circumstances. Real estate market aside, the more important question is this: Are you ready to buy a house right now?
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