Below are six (6) documents that are important when planning for your future needs or those of a love one in the event of death or one becomes unable to make decisions for themselves. All these documents are essential to making sure your wishes are followed and your family is protected in the event of your incapacity or death. Last Will and Testament A will is a legal document by which you may direct how your property will be distributed when you die. In your will you can create trusts for the benefit or your spouse, children or a child with special needs and it also allows you to appoint a person to oversee the management and distribution of your assets, a person to become the guardian to care for your minor children and a person to manage any trust you create.
Statutory Durable Power of Attorney A statutory durable power of attorney gives you the power to appoint someone as an agent to manage your finances if you are no longer capable of managing them yourself if you become temporarily or permanently disabled. Without a statutory durable power of attorney, if you become disabled a family member would have to seek a court-ordered guardianship to handle your affairs which is time-consuming and expensive.
Medical Power of Attorney A medical power of attorney is a document that allows you to designate a person to make medical decisions for you in the event you become unconscious or you are mentally incapable of making those decisions for yourself.
Directive to Physicians Directive to Physicians sometimes referred to as a “Living Will” is a document designed to communicate your wishes whether you want to use artificial methods to extend your life in the event you have been diagnosed with a terminal or irreversible condition medical condition.
HIPAA Authorization Health Insurance Portability and Accountability Act, HIPAA is a Federal law that sets rules and limits who can gain access to your medical records or receive health information. Because of this law, hospital and medical professions can face stiff penalties if they give out such information and as a result of such most are reluctant to do so. A HIPAA authorization signed by you allows the name individual access to your medical information.
Declaration of Guardianship Is a document signed by you which designate the person you want to become your guardian in the event a court ordered guardianship proceeding is started.