Have you taken the time to prepare a Last Will & Testament, a Living Will, a Power of Attorney and a Health Care Proxy? It is said “plan for the worst, hope for the best”. Living by this simple and often repeated rule can make life dramatically easier for your family in the event of a sudden accident or unexpected illness. It can takes pressure off of your family and give you peace of mind to know that in the event of an accident that affects you or your spouse (or both you) that the mechanisms are already in place so that someone has authority to make medical & business decisions for you, your wishes regarding the use of life sustaining measures are already known and documented and, if you should pass from this life, that provision is made for the care of your children and the distribution of your property.
Let’s look at each of the documents and see how it allows you to “plan for the worst”.
Simply stated a Last Will & Testament is document that you prepare during your life time that comes into effect only when you die. It specifies, among other things, who will be the guardian of your children if they become orphaned, who you want to be the executor of your estate (i.e. the person who gathers your assets, pays your debts and distributes your property in accordance with your wishes), and how your property will be distributed. Without a will, the Court will decide who will be the guardian of your children and who will administer your Estate, all without your input, and your property will be distributed in accordance with the laws of the state.
The purpose of a Living Will is to express your intention with regard to whether or not you wish life sustaining procedures to be administered in the event that you are terminally ill or are permanently unconscious. It is a highly personal decision and without the advance express of your intentions that a Living Will provides, your loved ones may face the prospect of having to make a decision which may alter the course of your life, without the comfort of knowing whether or not it is a decision that you would have supported.
A Health Care Proxy is a document that authorizes another person to make health care decisions for you when you are unable to make them for yourself. It gives someone the authority to make those decisions without the delay, expense and uncertainty of going to Court to have a Conservator appointed. Typically (but not necessarily) a Health Care Agent and a successor are appointed. In my view, a successor is particularly important if the primary Health Care Agent is your spouse or significant other, since there is always the possibility that you could both be injured in a common accident.
A Power of Attorney is a document that authorizes another person to make business decisions and to act for you. Depending on your needs and preferences, it can be made effective immediately or it can be made effective upon the occurrence of a future event. By way of example, it could become effective if you are incapacitated and unable to make your own decisions. Additionally, it could be a General Power of Attorney, which gives broad authority to act, or it could be limited to a specific transaction, such as the sale of a specific piece of property.
A simple example demonstrates how these documents work together to protect your interests. You and your spouse are both in a car accident and are both in a coma, unable to make any decisions for yourselves. Fortunately, you had previously executed a Health Care Proxy, so a Health Care Agent is already in place to make medical decisions for your care and treatment. You also had the foresight to prepare and execute a Power of Attorney, so an Attorney in Fact is available to work with your bank, your mortgage company and your insurance company, while you are unable to do so. Your Living Will provides guidance to your family and doctors regarding whether or not you want life sustaining measures if your situation is terminal or you are permanently unconscious. Lastly, because you prepared and executed your Last Will & Testament you will rest more comfortably knowing that you have made provision for the care of your children and the distribution of your property.
At the Law Offices of Mark A. Smith, any or all of the above documents can be tailored and prepared to meet the specific needs of you and your family. Contact us for a free, no obligation consultation and a flat rate price quotation.
118 N. Bedford Rd, Suite 100
Mt Kisco, NY 10549
5 Dover Circle
Newtown, CT 06470
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