If you are like many throughout the world, you or someone close to you has been medically affected by the COVID-19 pandemic. While this pandemic most likely has affected your finances, it can also severely affect your ability to make medical decisions. In this post, we will take a brief look at four documents that can save you and your family heartache in the event the worst happens.
Durable Power of Attorney
This is a legal document that gives your spouse or another trusted individual the legal right to make financial decisions for you in the event you become incapacitated. This is not a standard form and beware if you go on the Internet to obtain an example as the requirements vary from state to state. For a nominal for about $60, you can obtain one from a legal site such as www.NOLO.com. However, when it comes to this particular form single you are giving someone immediate access and say in your finances, I would highly recommend you visit an attorney that will charge you a flat fee or a manageable hourly rate. When it comes to this form, it is better to be fully compliant with your state’s laws and requirements.
You will also need to check with your various financial institutions as well. Many may have their own forms that they require, thereby not bound to honor your drafted form. If your financial institution does require their own form and you have not filed it out, a court can decide if they are bound to, but this can cost precious time and become expensive. If your financial institution does require the use of their form, fill it out with your attorney of fact, and provide the firm a copy while each of you retains one as well.
Health Care Proxy
This form is also known as a Healthcare Power of Attorney and gives your spouse or another trusted individual the ability to make medical decisions when you are unable. The form, when used properly, should be discussed between the two parties so that your wishes are known. It is also wise to discuss this with your physician and the hospital that is providing care so that everyone is in the know. This proxy can allow your attorney in fact to make medical decisions such as allowing for surgery or life support to be used. By discussing the form with everyone will help avoid doctors being placed in the middle of your attorney in fact that is carrying out your wishes and other family members.
Medical Information Release
This is a non-standard form that you can obtain from your healthcare provider that allows your physician to discuss your medical condition with your spouse. Due to federal laws on privacy and medical treatment, this form is required if you want your spouse to be made aware of certain medical issues that do not arise due to an emergency. Some healthcare providers will not even let your spouse change a medical appointment without them having this form.
Living Will
This form or document takes the Medical Power of Attorney and goes beyond what that accomplishes. In the event of a serious accident or terminal illness this form directs your spouse or other trusted person to make end of life decisions in the event you are unable to. It also allows the person to make decisions about what to do or not to do as far as treatment goes in the event you are again unable to.
As this is also a legal document, you need to ensure that the one you elect to use is honored in your state. The site www.fivewishes.org has a living will and a medical power of attorney that is honored in 44 states and the District of Columbia for $5. If that does not meet your needs, visit www.caringinfo.org for a state-specific living will form.
While no one wants to think about the worst that could happen to them or a loved one in today’s world, accidents do happen. And as the current pandemic has shown us, a fast-acting virus can leave us incapacitated as well.
While I am a Registered Financial Consultant and can help you with simple legal documents through referrals, it is best to have an attorney examine these documents to ensure that they comply with your state.
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