Holiday decorations popped up in the big box stores, gosh, more than a month ago now. So now we naturally shift gear and start thinking about decorating, buying gifts, planning menus, and parties. So, what would be the last thing on your mind when you’re so busy thinking about other things this time of year? Why, planning for your end of life events, of course! As families gather for the holidays, it’s also an excellent time to start thinking about and discussing with loved ones those essential documents needed at any time of life, but especially as we grow our families and age. A Last Will and Testament, Durable Power of Attorney, Designation of Health Care Surrogate, and a Living Will.
The latest statistic is that while 81 percent of people 72 years of age or older have estate planning documents, at least 6 out of 10 U.S. adults do not. While many people avoid doing a Last Will and Testament because they think, whether correctly or not, that they positioned themselves to avoid probate without a Will or just because they do not have enough assets to worry about, it’s hard to ignore the other necessary estate planning documents. Life is full of “What If’s,” bad things that just happen when you least expect them to happen or they creep up on you and appear seemingly out of the blue. Like recent commercials I’ve seen, you just don’t plan to have that car accident after your morning coffee on your way to work. You just don’t prepare for that heart attack that puts you out of action for weeks on end. You just don’t plan for the onset of early Alzheimer’s. Life happens when you least expect it to happen and you should be prepared at any age and long before you reach the age of 72 when most people start to get it.
What does a Last Will and Testament do for you? A Last Will and Testament is a legal document that communicates a person’s final wishes on possessions and dependents after you’ve passed. Do you have specific people in mind you would like to leave certain gifts to? You need a Will. Do you think there could be disputes or confusion following your death regarding the distribution of your estate? You need a Will. Do you have children or pets that you want to name a guardian for after you pass away? You need a Will. Do you have no living relatives and you don’t want your property going to the state? If you were to pass away without a Last Will and Testament, you die intestate, meaning your assets could potentially be distributed to your heirs by a court-appointed administrator acting by following state law and not your wishes. You need a Will.
What can a Durable Power of Attorney do for you? A Durable Power of Attorney is a legal document that allows you to give someone whom you trust, in advance, the authority to make decisions on your behalf while you are still alive when you become incapable of making decisions for yourself. It’s durable because the document stays in effect if you become incapacitated and you are unable to handle matters on your own. A durable power of attorney can make bank transactions, pay your bills, attend to tax matters, fill out insurance and benefits paperwork, use your assets to pay for everyday expenses, collect Social Security, Medicare, and other federally issued benefits, invest your money, file your taxes and manage your retirement accounts. You need a Durable Power of Attorney before you become incapacitated. Before you have that car accident, that stroke, that heart attack, or contract the early onset of Alzheimer’s.
What can a Designation of Health Care Surrogate do you? A designation of Health Care Surrogate acts as a durable power of attorney for health care. Your health care surrogate has the authority to make medical treatment decisions for you, according to the limits you outline, when you are unable to do so, preventing conflicts and confusion over your care. The designation itself requires that before your surrogate steps in to make your health care decisions you must be unable to make health care decisions for yourself. You cannot assume a physician has the authority to make health care decisions for you and (unless the patient is a minor) family members do not have the legal right to make decisions for you. What if you failed to designate a health care surrogate? Whether you are incapacitated by illness or an accident, a Florida judge will select a court-appointed guardian, who may not act in your own best interests. It is easy to avoid this result by completing a Designation of Health Care Surrogate.
What can a Living Will do for you? What if something terrible unexpectedly happens to you and you wind up on life support? Would you prefer doctors do everything they could to keep you alive, even if the outlook is hopeless? Or would you give them permission to let you go? A Living Will often called an advance directive or directive to physicians is a legal document that allows people to state their wishes for end-of-life medical care in case they become unable to communicate their intentions and decisions. A Living Will affords you the opportunity to express your end of life decisions and effectively spares your family the anguish of making the decisions without your input. A Living Will ensures your doctors understand your wishes and that they will treat you accordingly.
And what can the Law Office of M. Eric Barksdale do for you? I cannot cook your turkey dinner or put up your holiday lights, but I can prepare your estate planning documents for you. The holidays are an excellent time to discuss estate planning, and it is a good idea to let your loved ones know what you’re thinking about and what your life wishes are. If you are one of the 6 out of 10 U.S. Adults who do not have any estate planning documents, call me for a free consultation at 813-308-9045. And as always, Press on Regardless!
