Estate planning is an important part of preparing for the inevitable by leaving assets to your heirs. But there are estate plan things you need just in case something bad happens. For example, if you get in a car crash, fall while skiing and suffer a Traumatic Brain Injury or are put into a coma because of a pandemic like virus, you would be incapacitated. Incapacitated basically means you are unable to make decisions for yourself.
It can be difficult to think about a situation when that could happen, but it’s important that you have necessary estate plan things you need in place should something “bad” happen to you. Let’s look at what those things might be.
There are a few key parts of an estate plan that address this scenario. You should put these items in place just in case. It will enable you to make your wishes known in a legally binding way. When you are unable to communicate, make financial decisions, or participate in a meaningful way in medical decisions, certain estate planning tools speak for you. You can make sure that certain financial obligations continue while you are alive but incapacitated, such as paying your rent or mortgage, filing your tax returns, or paying bills.
James Provenza is an estate planning attorney with almost 40 years of experience and he has seen firsthand the problems and stress that can happen if these things are not available. By having Healthcare Directives and Power of Attorney documents drawn up and available, you will enjoy a level of peace that you might not otherwise have.
Healthcare Directives
Healthcare directives should be taken care of when creating an estate plan. If you have a serious injury or accident, suffer a debilitating illness, or otherwise become mentally unfit to make a healthcare decision, these directives will ensure that your instructions and wishes are followed.
Healthcare directives outline things like
- what type of medical care you would want in a situation where you cannot tell the doctors – this includes blood transfusions, surgery, rehabilitative care
- instructions regarding end-of-life care such as use of feeding tubes or breathing machines, Do Not Resucitate (DNR) orders, organ donation preferences, and pain management protocols
- Religious prohibitions – some religions have certain medical care that is not allowed by their faith
Having your healthcare directives in place helps ensure that medical doctors, healthcare professional, and family members know your wishes and that they respect your wishes, even if you’re unable to communicate them yourself at the time. In general, there are 4 healthcare directives Attorney Provenza recommends:
- Healthcare power of attorney — An legal instrument that lets you choose another individual -your designated or chosen agent- to make medical decisions for you
- Living will — A document that tells your health care professionals if you want death-delaying procedures when facing a terminal condition and are unable to state your wishes. This is not to be confused with a last will and testament.
- Mental health treatment preference declaration — A declaration that states whether you want to receive electroconvulsive treatment (ECT) or psychotropic medicine when you have a mental illness (and are unable to make these decisions for yourself).
- Do-Not-Resuscitate (DNR) and Practitioner Orders For Life-Sustaining Treatment (POLST) — These advanced directives say that health care professionals (EMTs, hospital, or nursing home personnel) not attempt resuscitating a patient if he/she experiences a cardiopulmonary arrest meaning they cannot use CPR if your heart and/or breathing stops.
Having a healthcare directive in place can provide peace of mind for you knowing that your wishes will be followed should something happen to you, like being in a coma, or suffering from a life threateing injury or illness. This includes mental incapacity such as dementia where you may no longer be able to take care of yourself or your affairs.
Furthermore your family will also know what you would have wanted. Without healthcare directives in place, family members may struggle, or even argue, as they try to make difficult decisions regarding your medical care. As sad as they may be, there is some solace in knowing that you have “told” them what to do and they are not burden with uncertainty if they made the right choices.
Finally, without a healthcare directive in place, it is possible that someone other than your “chosen agent” could make healthcare decisions on your behalf, someone you may not trust to make those decisions. For example, it could mean an estranged spouse or parent could be the one making your decisions for you, instead of someone you really know and trust.
Power of Attorney
Power of attorney (POA) designations should also be included in your comprehensive estate plan. This document allows you to appoint someone else (called an agent) with the authority over your financial matters in case you become incapacitated or unable to manage those matters yourself for any reason. By appointing a trusted agent ahead of time using POA documents, you can rest assured knowing that your finances are being taken care of by someone you trust.
POAs can be limited in a variety of ways so you do not have to give someone blanket authority to handle all your financial matters. Your attorney can explain how to include limitations to authority, tasks, and even time. You can also have more than one POA and again you and your attroney can discuss when and why you may want or need this.
Chicago Estate Planning Attorneys James C. Provenza & Associates
Creating an effective estate plan is essential for many reasons. We hope today’s blog showed you there are estate plan things you need like Healthcare Directives and Powers of Attorneys. These parts of an estate plan ensure that matters associated with incapacity are taken care of with respect and according to your wishes, philosophy, and faith.
Working with the qualified estate planning attorneys of the James C. Provenza & Associates law firm can make sure your estate plan has taken care of all the parts properly. Contact James C. Provenza & Associates, P.C. at (847) 729-3939 or by filling out our online form to send us a message.
