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With the graying of Americans, the necessity of disability planning is becoming more and more necessary.
We do not like to have to consider this situation, but proper planning allows a person to set in place how and who they prefer to handle their affairs if and when they become unable to do so. Sadly, the alternative of doing nothing is if a person is unable to care for their affairs, the courts will do so through a Conservatorship or Guardianship.
There is a link to Conservatorships & Guardianships on the left side of this page. There you will find a description of services offered by The Elder Law Firm with Conservatorships.
The trouble and expense of a Conservatorship may be eliminated by proper planning. You know your business and who is better capable of handling your affairs. In considering these matters consider who will best serve your interest.
The following is a list of tools to protect you in the event of incapacity.
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Durable Power of Attorney for Business
A Durable Power
of Attorney designates a third person(s) to handle your business
affairs. Durable means the power of attorney remains in effect in case
of incapacity or disappearance. The Principal (the person granting the
power) retains control of their affairs until no longer able to do. The
Agent is under a fiduciary duty to handle the affairs in a proper and
reasonable manner. The agent is granted authority to handle business
affairs of the Principal as decided by the Principal. The document can
be specific or general and the ward may control the extent of the grant
of power.
Advanced Healthcare Directive (Living Will)
An
Advanced Healthcare Directive (Living Will) is a document that
designates another person to instruct medical personnel of your
decision on whether to continue life through artificial means if
treating physician concludes there is little chance of meaningful life.
The Principal has a variety of chooses to make. Many people do not want
to be kept alive in this manner. This document allows the ward to
choose the terms and conditions of treatment that they want to receive
at the end of life. These decisions include artificial breathing,
hydration, nutrition, pain management and being an organ donor.
Durable Power of Attorney for Healthcare
A
Durable Power of Attorney for Healthcare is different from an Advanced
Healthcare Directive. A Durable Power of Attorney for Healthcare
designates a person or person(s) to make healthcare decisions if the
principal is unable to do so. The agent may be authorized to perform
any thing that the principal can do. The agent is required to follow
the known wishes of the Principal. The purpose of this document is not
end of life decision, but quality of life. This document is useful in
cases of diminished capacity, accident, heart attack, stroke or other
situations where the incapacity may be temporary or permanent, but
immediate death is not anticipated.
Of all of the disability
planning documents available, the healthcare power of attorney is
perhaps the most important. You decide who you want to make these
difficult decisions if you are unable to do so. This document can
decide your quality of life. Not all people are equipped to make
healthcare decisions and you know who best in your family and friends
can make these decisions. You decide who and instruct this person in
what you want done in particular situations.
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