Beyond the Living Will
Living wills have received a great deal of attention due to the recent Terry Schiavo situation. Because her end-of-life wishes were in dispute, family members battled each other in the courts over her treatment and care. By having a proper Living Will, you can avoid such confusion. But a Living Will doesn’t ensure you have all your bases covered. There are other equally important documents you must have in place.
(PRWEB) April 11, 2005 -- “Guarding Your Wealth” is a nationally syndicated
weekly personal finance column written by Jeffrey D. Voudrie, CFP. Mr. Voudrie
is the President of Legacy Planning Group, a private wealth management firm that
employs sophisticated proprietary strategies designed to protect and grow its
clients' investments. Please visit our website, www.guardingyourwealth.com to read past articles in our
archive.
A Living Will deals with end-of-life issues. But what if you’re
incapacitated—unable to make your own medical decisions-- for a short time? Who
makes medical decisions for you then? What if you’re widowed, divorced or
unmarried and you don’t have a spouse who can legally make medical decisions
when you can’t? A health care power of attorney allows you to state whom you
choose to make medical decisions on your behalf should you not be able to make
them yourself. You can also list alternates, should your first choice be unable
or unwilling to serve.
A health care power of attorney is especially
important for those who have lost a spouse and have several living children.
Often if Mom or Dad become seriously ill, it’s the out-of-town child that pushes
to do everything they can to extend their parent’s life. The last time they saw
Mom, she was busy fixing Thanksgiving dinner. Now that she’s in a coma, they
have trouble grasping the concept that Mom will never be the same again. And if
Mom doesn’t wish to be hooked up to machines for weeks on end, her out-of-town
child might not understand.
You can just imagine the kind of arguments
that can arise when children don’t agree on the proper care of their parent. You
can eliminate that situation by designating one child to be your
attorney-in-fact. Clearly state in writing through your Living Will and your
health care power of attorney, what your specific wishes are. Communicate those
to your children, especially your chosen representative. Then if the time comes,
you’ve greatly eliminated any possible confusion and ambiguity.
A health
care power of attorney is activated by your incompetence. Incompetence is often
determined based on the opinion of two doctors. With the new HIPPA regulations,
this can be a problem. For instance, your doctors may not be willing to offer
that opinion citing HIPPA restrictions (HIPPAA does not restrict release of
information in those situations). So make sure your health care power of
attorney includes language authorizing the release of that information.
With all the focus on health care and medical issues, many people forget
the practical financial issues that can arise when someone is incapacitated.
I’ve seen first hand situations where one spouse develops dementia but still has
assets in his or her name. The other spouse is helpless to manage those assets
or use them to help cover their loved ones’ care. In these cases, the courts
have to determine guardianship, which is not only expensive, but emotionally
draining for the family.
All this can be avoided with a Durable Power of
Attorney for assets. In this document, you choose a representative to make
financial decisions on your behalf. You determine when you would like their
authority to begin. This makes it much easier to pay your bills, file your
taxes, manage your retirement accounts, etc. And again you can list alternates
in case something keeps your first choice from serving.
If you have minor
children, there’s one more document you really must have. The Appointment of
Guardian states your choice for who will raise your children in the event of
your death. The court still has to make guardianship official, but this document
will clearly express your wishes. This document can help your kids avoid being
caught in a legal tug-of-war.
As the Terry Schiavo case shows us, these
documents aren’t just for the elderly. Having them in place will not only make
it easier on your loved ones should the unfortunate happen to you, but they will
also help ensure that you are properly cared for according to your wishes.
Got questions? Feel free to ask me at www.guardingyourwealth.com. I’m in the enviable position of
not having to garner new clients and I’d be glad to give you my unbiased
opinion. Visit our web site to read previously submitted questions and
answers.
In addition to being a nationally syndicated columnist and
Certified Financial Planning Practitioner, Mr. Voudrie serves clients nationwide
using a proprietary money management system he's personally
developed.
Looking for an energetic expert who is passionate about
financial and wealth management? Mr. Voudrie is an excellent speaker who will
excite and inspire your audience. Mr. Voudrie is available for a limited number
of speaking engagements, television appearances and radio talk shows. For
booking information, email e-mail protected from spam bots.
Related
Articles can be found at www.guardingyourwealth.com under the Guarding Your Wealth
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Source : http://www.prweb.com/releases/2005/4/prweb227036.htm