As I stated yesterday, me and my
fellow Boomers, are, of course, in the last scene of all, in second childhood
and we need to plan for the end when we are sans teeth, sans eyes, sans taste,
sans everything. One way to do this is to have an estate plan. Yesterday I
talked about Wills today I want to talk about Powers of Attorney and Health Care Proxies
People
should also work with a lawyer to execute a durable power of attorney and
when they create a Health Care Proxy
The Power of Attorney document authorizes a named
individual (the agent) to act on behalf of a person (the principal) if the
principal becomes incapacitated. It applies only while the principal is alive.
At death, the powers pass to the executor of the estate.
A key decision is whether to grant the power of attorney
to a relative or to a professional such as an attorney. If an older person does
not trust family members with this responsibility or is concerned that a family
conflict may erupt over the chosen family member, appointing an independent
professional may be the best alternative. Second marriages and mixed families
raise the potential for problems in these areas.
Unfortunately, many cases of elder abuse and even
stealing do involve family members, so it is worth being cautious in granting
this power.
The other important document is the health care proxy.
Also called a health care power of attorney, this may be a standard
state-issued form that spells out the person’s wishes for care at the end of
life.
The wishes may cover the extent to which the person wants
use of extraordinary measures that prolong life and whether to allow organ
donation. It may name specific medical procedures to use or not use when the
person is terminally ill and unable to make decisions.
Typically, the health care proxy form appoints a health
care agent and an alternate health care agent to carry out the person’s wishes.
Often these appointees are the spouse, who is typically named the agent, and an
adult child, typically named the alternate.
Retirees should know that having a health care proxy in
place is extremely important. It can relieve a family from a terrible
decision-making burden at a time of extreme stress.
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