Estate planning is for everyone.
Do you keep talking yourself out of an estate plan?
You tell yourself estate planning is for the wealthy.
You do not care who gets your assets.
After all, you will be dead, right?
Whatever the excuse may be, it is not valid.
According to a recent twincities.com article titled “Your Money: Medical power of attorney: the missing piece of too many estate plans,” estate planning is vital to helping navigate difficult situations beyond the distribution of assets.
How so?
If you were to become incapacitated, you would not be able to make your own decisions.
What does this mean?
Your medical treatment wishes may be ignored.
How do you fix this?
In our practice, we prepare an advance health care directive, which actually has two distinct but related parts: the health care treatment directive and the durable power of attorney for health care decisions.
The health care treatment directive allows you to indicate what life sustaining or saving measures you would like (or would like withheld).
The durable power of attorney for health care decisions allows your agent to make decisions and communicate with your doctor about any level of care.
Usually this is a family member.
It is also wise to name a contingent agent in case the first is unavailable to serve.
Be sure to ask the persons you are considering as your primary and contingent agents in advance whether they will be comfortable with this responsibility if called upon to serve when necessary.
Work with an experienced estate planning attorney to get your affairs in order before these documents are required.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: twincities.com (December 16, 2017) “Your Money: Medical power of attorney: the missing piece of too many estate plans”
Comments