Three Legal Strategies When Facing a Major Health Event
Receiving a health diagnosis or learning that you need to undergo major surgery can cause substantial disruption in your day-to-day life. During this time, the last thing you may want to think about is estate planning. Although you may have many things going through your
Healthcare DocumentsYour healthcare documents include your powers of attorney, advance directives, and HIPAA authorization. These documents let you appoint someone to receive information about your medical condition and to even help you make medical decisions if you*re unable to do so. You probably already know which of your loved ones you*d like at the helm if a situation arises. But whoever you*ve chosen needs to be given the explicit authority to act so that you can rest easy knowing they*ll be there to make decisions if you need them.
Financial Power of Attorney & Updated TrustsWhile a healthcare agent or proxy can make decisions on your behalf in medical scenarios, a financial power of attorney concerns your money, investments, bills, and taxes. Although it relates to different decisions, it is just as important a designation. Having this document in place can give a trusted person (such as a spouse, child, or friend) the authority to help you with your finances and property so these issues don*t have to be a distraction while you focus on your health.
An up-to-date and fully-funded trust lets you focus on your health while your successor trustee handles the affairs of your trust, which could include most, if not all of your assets. In this case, you*ll still receive the benefit of your trust but your successor trustee will manage the trust on your behalf. If there*s not sufficient time to fully fund a trust, then an up-to-date will can at least put you in control of who receives what upon your death. When time is of the essence a will may be the only realistic planning tool, but if you already have a trust it can be a relatively easy process to update and fully fund it.
A little planning goes a long way when it comes to medically-trying times. As busy as you may be when you*re handling your own medical issues or the medical issues of a loved one, even one conversation can be enough for us to define and implement the estate planning documents that will help you feel more prepared for whatever comes next. Please reach out to us so we can chat about your needs and helping you obtain peace of mind.