WILL
A will is a legal document that describes what you want done with your possessions and other affairs after you have died. Parents can also name a guardian for their children in a will. A lawyer is normally used to assist in making a will.

LIVING WILL (ADVANCED DIRECTIVES OR TERMINAL CARE DOCUMENT)
A living will gives directions about your medical care in case there comes a time when you are no longer able to communicate because of your illness. It allows you to express your wishes regarding the use of life support systems and the prolonging of life when critically ill. You can prepare a living will with the help of a lawyer or using a form provided by your state. Most hospitals will ask you whether you have completed a living will or advance directive at the time of admission. Hospital admitting offices can give you copies of the necessary forms and can even arrange for a notary public to witness its signing (a requirement in New Hampshire). After the form is completed, witnessed, and, in the case of New Hampshire, notarized, you should keep the original. Make copies (many hospitals will do this for you) and distribute the form to all physicians who are providing care to you, your medical power of attorney, as well as to hospitals where you may be admitted. Be sure to let family and friends know your desires. Be advised that you can change your living will at any time. To do this, you will need to fill out a new form and make sure that it gets into your medical record and to all appropriate people. The form that is most recently dated is the one which is binding.

The Vermont Ethics Network (VEN) has produced an excellent booklet called "Taking Steps" which outlines the choices you can make regarding your medical care. It includes legal forms as well as worksheets to assist you in the process of determining health care power of attorney and Living Wills. A copy of this booklet can be obtained free of charge from any of the following: Area Agencies on Aging, Home health agencies, hospitals, lawyers, libraries, nursing homes, physicians, and town clerk's offices. You can also purchase a copy from VEN for $1.00. You can contact VEN by calling (802) 828-2909.

To download State-Specific Advance Directive Packages

DURABLE POWER OF HEALTH ATTORNEY
This document allows the person you name as your agent the authority to make any and all health care decisions for you when you are no longer capable of making them yourself. "Health care" means any treatment, service or procedure to maintain, diagnose or treat your physical or mental condition. Your agent, therefore, can have the power to make a broad range of health care decisions for you. Your agent may consent, refuse to consent, or withdraw consent.

POWER OF ATTORNEY
Power of Attorney gives someone else the authority to make certain kinds of decisions and do other things for you, such as use money from a bank account, pay bills if you are unable to do so, and collect public assistance. Be aware that once this document is signed, the agent named has immediate access to all financial information.

FUNERAL ARRANGEMENTS
Some people like to make arrangements prior to their death, or the death of a child or loved one, for a variety of reasons. They may believe it would be easier on their family; they have specific wishes they would like honored; and/or decisions, which can involve a great deal of money, can be made in a less stressful manner. If you do have specific wishes about what you want to happen after you die, be sure that they are written down, they can be part of a will, and given to a trusted person. You may want to discuss this with your medical power of attorney.

LIFE INSURANCE
Not everyone is aware that they have life insurance. Parents can take out policies on children. As an adult, the "child" may be unaware of such a policy. A job may offer such a benefit as well. Because a life insurance policy can benefit you while you are still alive, it is important to determine if there is a policy in your name. You can use your life insurance to benefit you by

• Borrowing against the cash value of the life insurance policy;
• Instructing the life insurance carrier to cash out the policy, based on the available cash surrender value;
• Determine if the life insurance carrier offers an "accelerated benefits program" rider and if you are eligible;
• Sell the life insurance policy in a viatical settlement; or
• Borrow from friends or family using the life insurance policy as collateral to secure the loan.

• Estimated life expectancy and medical condition of the insured.
• Loans, if any, previously taken against the policy.
• Amount of premiums necessary to keep the life insurance policy in force.
• Credit and solvency ratings of the insurance company.
• Prevailing interest rates.
• The amount of life insurance coverage.

The highest percentages are awarded to persons whose life expectancy is less than six months. Moneys acquired through this process can be used for anything, ranging from experimental treatments to payment of accumulated bills to starting a home-based business to financing the dream trip of a lifetime.

Some policies contain a provision known as an Accelerated Death Benefit (ADB) or Living Benefit. This allows the insured to receive up to 95% of the face value, directly from the insurance company. Normally, a 12 month prognosis from an attending physician is required to be approved for an ADB or Living Benefit. This is usually the best option for someone who can qualify and whose policy contains this provision. Also, perhaps a family member or close friend might be able to advance money to the insured based on becoming the beneficiary of the policy.

In order for a person to be eligible for a life insurance settlement the following must be considered:

• The insurance policy must be either an individually-owned policy, or the benefit to be sold is an interest in a group policy which can either be converted to an individually owned policy, or absolutely assigned for value.
• The policy must have been in force for at least two years and not be subject to a contestability period.
• The proceeds from a viatical settlement may affect the recipients eligibility for certain state or federal means-based entitlement programs.

Before making any changes in your life insurance policy, be sure to talk it over with an insurance professional as well as with your family or significant other.