Life Planning Documents You Need

Sound estate planning involves more than just choosing a will or a trust. Various additional documents can guard against the unexpected and ensure that the people you care about are provided for. An experienced estate planning attorney can explain which documents you need to accomplish your estate planning goals.

Statutory Durable Power of Attorney

Sometimes called a general power of attorney, a statutory durable power of attorney gives another person (the agent) the authority to act on your behalf with regard to various matters, such as buying and selling assets and making financial decisions. A general power of attorney can be limited to specific matters or be very broad, but notably, it cannot address health care matters. You can name agents to act in the alternative or as co-agents.  A general power of attorney can become vital should you become incapacitated and unable to make decisions concerning your assets.

Medical Power of Attorney

A medical power of attorney, also known as a healthcare power of attorney, is the same basic concept as a general power of attorney but limited to healthcare. The medical power of attorney will appoint an agent to make healthcare decisions on your behalf should you become incapacitated and unable to make those decisions for yourself.

Declaration of Guardian for Minor Children

This is a document that appoints someone, or more than one person, to take care of your minor children in the event that you die before they reach adulthood. Having a declaration of guardian can ensure that your children are cared for while they deal with what could be the most traumatic experience of their lives. It also allows you to decide who would be best suited to care for your children rather than a judge.

Declaration of Guardian for You

A declaration of guardian in the event the need arises designates a person to serve as your guardian in the event a court determines that you are incapacitated and in need of a guardian.  You can designate a person to serve as guardian of your person to make medical decisions and decisions about where you will live and a person to serve as guardian of your estate to make decisions about your assets and your finances.  The guardian of the person can be different or the same person as the guardian of the estate.

Directive to Physicians

A directive to physicians is also referred to as a living will. It is similar to a medical power of attorney but differs in two important ways:

1. It applies only in the event that your condition is terminal or irreversible, and
2. It only directs doctors and other healthcare professionals in providing life-sustaining treatment and nothing else.

Because they serve different purposes, having a medical power of attorney and a directive to physicians is a good idea. However, ensuring the documents are consistent and do not conflict is important.

Universal HIPAA

A universal HIPAA form allows sensitive healthcare information to be disclosed to the persons listed in order to comply with the Health Insurance Portability and Accountability Act (HIPAA) of 1996. Without it, the family members or other persons authorized to make healthcare decisions on your behalf may not be able to get the information they need to make the right decisions.

Talk to an Estate Planning Attorney at J Nichols Law, PLLC Today

Estate planning is more than filling out forms—it is about identifying needs and potential risks and then developing a personalized plan that involves getting the right documents in place so that your interests are fully protected. To discuss how we can help you create a holistic estate plan, call us today at 409-257-7878 or contact us online to schedule a consultation.