Advance Directives
A. HEALTH CARE PROXY
A document in which you designate a “proxy”- person to make medical decisions for you if you are incapacitated.
- The health care agent has the authority to make all health care decisions on your behalf including life sustaining treatment, subject to limitations listed in your health care proxy
- The determination that you lack the capacity to make your own health care decisions is made by your attending physician and must be in writing
- You can revoke your health care proxy orally or in writing by notifying your agent or health care provider, or signing a new health care proxy
B. DURABLE POWER OF ATTORNEY
A document in which you designate an agent or “Attorney” in fact, a trusted person, to have the authority to administer your financial affairs for you.
This document is effective either the moment you sign it or when ever you become disabled or incapacitated (springing).
The following are examples of powers given to Attorneys in fact:
- Sell stocks and bonds
- Sell or transfer real estate
- Pay bills, taxes, deal with insurance and financial companies
- File a lawsuit for you
- Make gifts to family members on your behalf
- Hire Professionals such as nurses, doctors, accountants, lawyers etc.
BIGGEST BENEFIT: A Durable Power of Attorney should be part of everyone’s estate plan. It is the most cost-effective way to prevent the need for ever having a guardian or conservator appointed for you once you sign it.
