Estate planning sometimes feels premature to young and healthy people and just plain overwhelming to many. It could be that you’re not quite ready to delve into creating a comprehensive estate plan. But even if it doesn’t seem like you need an estate plan yet or it seems like an overwhelming undertaking, consider getting these three important documents in place as a start.
1. Health Care Power of Attorney
You choose someone (known as a proxy) and authorize that person to direct your medical care if you become incapacitated in a health care power of attorney. This document, combined with a living will, provides you with the opportunity both to decide who will make your healthcare decisions and to provide your proxy with decision-making guidelines.
If you become incapacitated and you don’t have a health care power of attorney in place, it is unclear who will make your healthcare decisions for you. If there is a disagreement among your relatives and your healthcare providers about your care, the court may have to intervene. Naming a health care power of attorney is an important step you can take to avoid this outcome. Further, if you are in a long-term, committed relationship that is not recognized by the government through marriage or family ties, naming a healthcare proxy is especially important.
2. Living Will
The second part of your healthcare security is a living will. In your living will (sometimes called an advanced healthcare directive), you provide instructions or guidelines for your medical care in case you become incapacitated. With this document in place, important treatment and care decisions can be made based on the instructions you’ve given. If you’re incapacitated, chances are there are some critical healthcare decisions that will need to be made on your behalf.
This level of decision can be very heartbreaking to make on someone else’s behalf. With a living will in place, you’ll be providing some guidance. This guidance will give your decisionmaker some peace of mind as they make difficult decisions on your behalf.
3. Financial Power of Attorney
If you become incapacitated, you’ll also need someone to look after your finances. Your various financial obligations will continue coming due. In addition, the medical bills your care will generate will need ongoing review and payment.
In a financial power of attorney, you appoint someone (again, known as a proxy) and authorize that person to manage your finances if you become incapacitated. With this document in place, your financial proxy can access your finances, make any necessary financial decisions, and ensure that your bills are paid while you’re incapacitated.
Work with a Florida Estate Planning Attorney
We can help you start planning for your future by getting these three important documents in place. And when you’re ready to work on your comprehensive estate plan, we’ll be ready for that too. Call our office at 561-395-6800 to get started, or fill out our contact form and we will be in touch to schedule a meeting.