Most people assume that planning ahead in regards to your finances and estate is only in the case of death. Making arrangements like this is referred to as Estate Planning. Two most popular ways of estate planning are through wills and trusts. However, there is something else to plan for besides death and that’s “incapacity”. Being incapacitated can pose almost as much of a threat to your financial well-being as death does and there are measures to take for this.
A very important document is a durable power of attorney, which is a legal agreement that allows you to designate who will make your legal and financial decisions if you become incapacitated or incompetent. It offers security at a low cost and minimizes the chance of court intervention. Don’t confuse a durable power of attorney with a standard power of attorney, which becomes invalid if you become incapacitated.
A health care proxy is a document in which, in the case you become incapacitated, you designate someone to make your health care decisions. That designated person can usually make decisions such as medical facilities, medical treatments, surgery, and a variety of other health care issues. Your representative can generally make any decision that you would typically be able to make. Kind of like the durable power of attorney, the health care proxy involves important decisions therefore be very selective when choosing who will be making them.
A living will is similar to a health care proxy and can also be referred to as a directive to physicians or a health care directive. A living will specifies the types of life-sustaining treatment you will permit in the event of your incapacity. Basically, they are instructions for treatment. The directive creates an agreement between you and the attending physician. The decision for or against life support is one that only you should make. Another option that is more limited is a Do Not Resuscitate (DNR) Order. It allows you to decline CPR if your heart or breathing stops.
If you have an interest in your treatment and well-being in the case that you become incapacitated, these documents are very useful. Talk to a professional to verify your options and then take the steps needed to create these. Though it takes time and thought to put these into place, it can come in very handy. Again, not all states permit these incapacity documents so you will need to find out which ones will offer the best protection in your state.
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