For most people, estate planning is mostly an issue for after you die, and is not something that will have much of an impact on you or your loved ones while you are alive. There is at least one part of estate planning you should be concerned about right now, though, and that is the issue of advance directives. There are three kinds of advance directives, and you should consider having all of them in place, just in case:
1. Power of Attorney
A power of attorney is a legal document that gives someone else the right to make legal and financial decisions on your behalf. While a power of attorney can be limited in various ways, one of the most common ways to use a power of attorney is to authorize someone (your “agent”) to handle affairs such as bill paying or banking. The range of powers you can authorize an agent to do can be as limited or as expansive as you choose. Further, you can prepare the power of attorney now and not have the agent be able to use it until a future date. This is because the agent cannot use the power of attorney until he/she signs as agent. Any action that an agent takes must be in your best interest. The only activity an agent under a power of attorney cannot do is make health care decisions. For that, an agent must be appointed under a health care proxy
2. Health Care Proxy
A health care proxy, similar to a power of attorney, grants someone you appoint as your agent the authority to make health care decisions for your if you are unable to make them yourself. The document states that your agent knows your wishes for health care and in particular for artificial nutrition and hydration. Therefore, it is best that you speak with your agent concerning your wishes when you make the appointment.
3. Living Will
A living will is unlike the other two advance directives because it does not involve another’s input into your decisions. Instead, a living will allows you to make decisions in advance about certain kinds of care you would like to receive if you are not expected to regain a quality of life—i.e. if you are being kept alive by artificial means. It covers care such as: whether you want to be resuscitated if your heart or reathing stops, whether you would like to be intubated, whether you want any secondary condition treated (e.g. an infection not related to your primary condition) or other decisions about similarly invasive or extreme medical procedures.
Do not wait until it is too late to arrange for your advance directives. If you or your loved ones are dealing with issues related to elder law, trusts, estates, or real estate, please give the law offices of Mary LaManna-Ulrich a call at (516) 804-2931. We will be happy to provide a consultation and work with you to figure out how best to address your personal concerns.