3 Legal Documents That No Aging American Should Be Without

Hi Toni,

My husband is retiring at the end of the year, and we are losing so many benefits from his work such as company benefits, life insurance, dental, and vision. I know I am missing something that is important for us to retire with as little stress as possible. I do not know what other subjects we need to explore.

I have been told that if we do not have a power of attorney for both of us and me or my husband has a stroke or another disability and cannot decide for ourselves that we could have to go to court and file for guardianship.

I have no knowledge of this and really do not know what type of attorney we will need. I want to make sure that I get this done correctly.

Thanks,

Sandra from Galveston, TX

Hello Sandra,

I completely understand how you feel because Americans that are enrolling in Medicare or retiring, whether healthy or with a serious health situation are struggling with what to do. During a Toni Says® Medicare consultation, the Toni Says Medicare team advises everyone to seek an attorney or legal aid to have a new or updated power of attorney, medical power of attorney, and living wills executed properly. These three legal documents can make your life stress-free during a trying medical time.

Adult children of elderly parents need to be sure that their parents also have these three legal documents in place. Elderly parents need to realize that they are not giving up their independence, but only helping their adult children when they must help their precious elderly parents during trying times.

Here are 3 Legal Documents That No Aging American Should Be Without

1. Power of Attorney

A power of attorney (POA) is like the bedrock of a solid financial plan, providing a safety net that can make a world of difference when the unexpected happens. It’s a legal document that ensures your wishes are not only heard but also executed, especially during times when you may not be able to make financial decisions due to illness or incapacity.

Here’s why a power of attorney is so important:

• Preserving Your Autonomy: Life is unpredictable, and sometimes situations arise that temporarily or permanently affect your ability to manage your financial affairs. With a POA in place, you get to choose who steps in to handle these matters. It ensures that your autonomy and preferences are respected, even if you can’t communicate them directly.
• Avoiding Court Appointments: Without a power of attorney, you run the risk of ending up in a situation where the court has to appoint someone to manage your affairs. This person, often a stranger, may not be familiar with your values, priorities, or financial goals. Court-supervised management can be cumbersome, costly, and may not align with your wishes.
• Maintaining Your Voice: When you designate someone you trust as your agent in the power of attorney, you retain the ability to have a say in your financial matters, even if you’re unable to articulate your wishes. This can bring peace of mind to both you and your loved ones.
• Smooth Transitions: A well-thought-out power of attorney can help ensure a smooth transition in case you become unable to manage your finances. Your agent can step in promptly, paying bills, managing investments, and making decisions according to your preferences.
• Protection Against Exploitation: Having a trusted agent under a power of attorney can provide an extra layer of protection against financial exploitation. Your agent is legally obligated to act in your best interests, reducing the risk of fraudulent activities.

In essence, a power of attorney is a fundamental element of estate planning that empowers you to take charge of your future independence. It’s a way to ensure that the person you trust most will be at the helm of your financial ship when you need them.

2. Medical Power of Attorney

Life can throw unexpected challenges our way, and it’s essential to be prepared for circumstances where you might be unable to make medical decisions or communicate your healthcare preferences. This is where a medical power of attorney comes into play. This type of legal document is for:

• Trusted Representation: A medical power of attorney allows you to designate a trusted person, often referred to as your healthcare agent or surrogate, to make healthcare decisions on your behalf. This person steps into your shoes, legally empowered to make choices about your medical treatment when you cannot do so yourself.
• Ensuring Your Wishes: When it comes to medical decisions, your personal beliefs, values, and preferences matter greatly. Your healthcare agent is duty-bound to act in accordance with your wishes, ensuring that the medical care you receive aligns with your values and what you would have chosen if you were able to communicate.
• Critical Scenarios: This legal document becomes especially important in critical situations such as severe illness, surgery, or when you’re incapacitated due to an accident. In these moments, having a healthcare agent can provide clear guidance to medical professionals when swift decisions are necessary.
• Peace of Mind: Knowing that you have someone you trust to advocate for your healthcare preferences can bring immense peace of mind, both for you and your loved ones. It ensures that your medical care remains aligned with your values and not left to interpretation.
• Reducing Family Stress: A medical power of attorney can also ease the emotional burden on your family. It removes any uncertainty or disagreements about your medical treatment, as your designated healthcare agent has the legal authority to make decisions on your behalf.

To create a medical power of attorney, consult with legal professionals and healthcare providers who can guide you through the process, ensuring that your healthcare preferences are documented accurately and in compliance with your state’s laws. By doing so, you’re taking proactive steps to protect your autonomy and ensuring that your healthcare decisions reflect your values and desires, no matter what the future may hold.

3. Living Will

A living will, or advance directive, is a document that empowers you to have a say in your medical care even when you cannot speak for yourself. Unlike a conventional will or living trust, which deals with the distribution of assets after your passing, a living will is entirely focused on your healthcare preferences, ensuring your wishes are respected when you’re incapacitated. Here’s why it’s so essential:

• Clarifying Your Healthcare Preferences: Your living lets you articulate, in clear terms, the type of care you want or don’t want in various scenarios.
• Maintaining Autonomy: Your healthcare decisions are deeply personal and should reflect your values and beliefs. A living will ensures that you remain in control of these decisions, even when you’re not in a position to express them verbally. It’s your voice, your choices.
• Providing Clarity for Loved Ones: A living will also benefits your loved ones. It removes the emotional burden of making difficult decisions on your behalf. Instead of grappling with uncertainty, they can rely on your written instructions, knowing they are acting in accordance with your wishes.
• Covering Critical Scenarios: A living will addresses various healthcare scenarios, including life-sustaining treatments, resuscitation preferences, organ donation, and palliative care. It helps guide medical professionals in providing care aligned with your values and choices.
• Legal Validity: Living wills are legally recognized documents in many jurisdictions. This means that your healthcare providers are obligated to respect your documented wishes, ensuring that your directives are followed, even if others may have different opinions.

Find an elder law attorney near me.