Estate Planning
Statutory Durable Power of Attorney – This document gives another person the ability to “stand in your shoes” and make decisions for you on your behalf. It is effective while you are alive. You can make it effective immediately upon executing it or at some point in the future, such as upon a doctor’s determination that you are unable to make decisions for yourself. A statutory durable power of attorney allows someone to pay your bills for you, file your taxes for you, continue running any business that you own, and even purchase and sell property for you. It is a very powerful, wide-sweeping document, but is extremely valuable if ever needed.
Medical Power of Attorney – This document gives another person the ability to make medical decisions on your behalf if there is a time when you are unable to make your own decisions. This document only becomes effective when a doctor certifies in writing that you are unable to make your own decisions. Whoever you name as your medical power of attorney will never have the ability to commit you to a mental institution against your will, nor will a medical power of attorney have any effect on someone who is pregnant.
Physicians Directive – this document allows you to make medical decisions ahead of time, assisting the person you name as your Medical Power of Attorney in their decision-making process. You are able to decide which medications you want or do not want, given differing particular situations. For example, you are able to decide if you want (or do not want) food, water, antibiotics, your heart restarted, a breathing machine, and pain medication if you are ever unable to communicate your wishes for each of these items. By executing this document, your medical power of attorney will have the weight lifted from his or her shoulders, in knowing that your wishes are being followed. Please note: this document is not an out-of-hospital do-not-resuscitate order. That is a separate document signed by a physician.
HIPAA Release – this document allows your medical power of attorney to access your medical records. Without this document, your medical power of attorney can make decisions on your behalf, but he or she is unable to receive medical results from your doctor. The Medical Power of Attorney, Physicians Directive, and HIPAA release combine to form your essential health care documents.
Last Will and Testament – in the simplest of terms, a Last Will and Testament will instruct an executor how to handle your assets at your death. Wills vary in scope and depth. Some individuals need a simple will, while others need elaborate wills. An individual’s personal circumstances and goals will determine what type of will that person might need. Wills are not “one size fits all.” Wills can be constructed to minimize estate taxes, or they can be constructed to create Trusts for heirs. How a will is written is ultimately based on what an individual is trying to accomplish at death. When meeting with an attorney, having your goals in mind will ultimately help the attorney draft the appropriate document to meet your wishes.