Having discussions about the aging process and preparing the best documents can ensure that you have resources available and are protected if you ever require long-term care in your advanced years or encounter a serious illness.
When making a will, most people plan for any possible incapacity by executing a Power of Attorney to name a financial representative and an Advance Directive to name a health care representative. An Advance Directive (commonly referred to as a living will) is a form that allows you to set up a health care power of attorney, designating someone to make informed decisions on your behalf in case of your incapacity. It also allows someone to access your medical records and argue on your behalf with the health insurance company despite HIPAA protections.
If you fail to plan for potential incapacity, your family and friends could end up in court fighting to be appointed as your guardian or conservator. While sometimes a conservatorship and/or guardianship are necessary, the expense and conflict they create should be avoided if at all possible.
At Stahancyk, Kent & Hook, P.C., we will counsel you in how to protect your assets to ensure that your beneficiaries receive distributions as you intended and give you peace of mind that your wishes will be carried out during your lifetime and beyond. Click here for new client information.
Is it appropriate for me to help my parents with their estate planning? MORE
What should I consider before agreeing to be a guardian or conservator for a friend or family member? MORE
What should I consider before agreeing to be a personal representative of a friend or family member’s estate? MORE
What should I expect from my estate planning consultation? MORE
When is it too late to draft a new will or other estate planning document? MORE
When is the right time for me to think about estate planning? MORE
Why is it important to use an estate planning professional to draft a will? MORE