By: Laurie Valentine- COO & Trust Counsel
Step #11-Plan Now for Possible Future Incapacity-Part 2. Planning for the possibility a stroke, accident or illness might, in the future, leave you incapable of making decisions for yourself and unable to manage your finances must be done while you can understand what you are doing. You cannot wait until something happens to take action as you may not have the mental capacity needed to sign the necessary legal documents.
A Durable Power of Attorney is the document you can use to empower someone to manage your finances and deal with your assets, if you become incapacitated. You can name anyone to act for you under a power of attorney (POA). Care should be taken in deciding who to name as that person will be using the POA when you are no longer able to watch what they are doing. And, consider naming a first choice and an alternate to better assure there will always be someone of your choosing handling things for you if you can’t.
For healthcare decision-making, you can include healthcare decision-making powers in a POA or you can use a separate Healthcare Surrogate Designation document.
And, to assure your wishes regarding discontinuing or not starting medical treatment if you are diagnosed with a terminal condition, you should executive a Living Will Directive.
Next Month-Step #12 – Don’t Wait!
For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.