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What would happen if you were mentally or physically unable to take care of yourself? Unless you’re prepared, incapacity could undermine your financial, tax and estate planning strategies. Planning ahead can help ensure that your healthcare wishes will be carried out, and that your finances will continue to be competently managed.
Incapacity can strike anyone at any time. Advancing age can bring senility, Alzheimer’s disease, or other ailments; and a serious illness or accident can happen suddenly at any age. Even with today’s medical miracles, it’s a real possibility that you or your spouse could become incapable of handling your own medical or financial affairs. Should you become incapacitated without the proper plans and documentation in place, a relative or friend will have to ask the court to appoint a guardian for you. Petitioning the court for guardianship is a public procedure that can be emotionally draining, time consuming and expensive. More importantly, without instructions from you, a guardian might not make the decisions you would have made.
Without legal documents that express your wishes, medical care providers must prolong your life using artificial means, if necessary. With today’s modern technology, physicians can sustain you for days and weeks (if not months or even years). To avoid the possibility of this happening to you, you must have an advanced medical directive.
There are three types of advanced medical directives:
Each type has its own purpose, benefits and drawbacks, and may not be effective in some states. You may find that one, two or all three types of advanced medical directives are necessary to carry out all of your wishes for medical treatment. Be sure to have an attorney prepare your medical directives to make sure that you have the ones you’ll need and that all documents are consistent.
Living Will - A living will allows you to approve or decline certain types of medical care, even if you will die as a result of the choice. However, in most states, living wills take effect only under certain circumstances, such as terminal injury or illness. Generally, a living will can be used only to decline medical treatment that “serves only to postpone the moment of death.” Even if your state does not allow living wills, you may still want to have one to serve as an expression of your wishes.
Durable Power of Attorney for Healthcare - A durable power of attorney for healthcare ‹known as a healthcare proxy in some states› allows you to appoint a representative to make medical decisions for you. You decide how much power your representative will have.
Do Not Resuscitate Order (DNR) - A DNR is a doctor’s order that tells all other medical personnel not to perform CPR if you go into cardiac arrest. There are two types of DNRs. One is effective only while you are hospitalized. The other is used while you are outside the hospital.
Without someone to look after your financial affairs when you can’t, your property could be wasted, abused or lost. To protect against these possibilities, consider putting in place a revocable living trust, durable power of attorney (DPOA), or joint ownership arrangement