Advance Healthcare Directives: A Key Piece of a Quality Estate Plan
As we have been discussing, an estate plan is several legal documents that work together to protect you and your family. As a refresher from our June article, an estate plan includes:
Revocable Living Trust
Last Will and Testament
Pour-Over Will
Power of Attorney
Provisions in Case of Incapacitation (Advance Healthcare Directives, etc.)
Retirement and Life Insurance Designations
Charitable Giving
Coordinated Beneficiary Designations
In this article, we are going to discuss Advance Healthcare Directives. From the National Institute on Aging, “Advance directives are legal documents that provide instructions for medical care and only go into effect if you cannot communicate your own wishes.” Advance Healthcare Directives include a living will and a durable power of attorney for healthcare. These are important pieces of your estate plan because you might become incapacitated and unable to care for yourself or your estate. These documents provide your family with clarity and direction. You can choose who can make decisions on your behalf in case you are incapacitated, and you can create documents that help guide that person while you are alive regarding your medical care.
Definitions from the National Institute on Aging:
Living will: A living will is a legal document that tells doctors how you want to be treated if you cannot make your own decisions about emergency treatment. In a living will, you can say which common medical treatments or care you would want, which ones you would want to avoid, and under which conditions each of your choices applies. Learn more about preparing a living will.
Durable power of attorney for health care: A durable power of attorney for health care is a legal document that names your health care proxy, a person who can make health care decisions for you if you are unable to communicate these yourself. Your proxy, also known as a representative, surrogate, or agent, should be familiar with your values and wishes. A proxy can be chosen in addition to or instead of a living will. Having a health care proxy helps you plan for situations that cannot be foreseen, such as a serious car accident or stroke. Learn more about choosing a health care proxy.
As the Institute notes, you do not necessarily need an attorney to produce an advance healthcare directive. They provide several resources for “do-it-yourself” solutions. However, we recommend creating an estate plan with this and other documents, so your healthcare proxy also has the necessary access to financial accounts and other resources to support your care during your incapacitation. Moreover, for those with business interests, remarriages, or who live in different states during parts of the year, having a qualified legal practitioner prepare these documents with you and your family can better protect you and ensure your goals are met.
When you pair these documents with the other elements of a quality estate plan, you and your loved ones have clarity and peace of mind. Contact us today to get started!