June 4, 2015
As estate planning attorneys, we cannot stress strongly enough that when considering your own estate plans, you really should have a Power of Attorney for Health Care and a Durable Financial Power of Attorney.
If you are over the age of 18, and you do not have such documents in place, we strongly advise that you take steps to get these two important estate planning documents in place as soon as is practical. Combined with a Last Will and Testament (Will), the Power of Attorney for Health Care and a Durable (Financial) Power of Attorney constitute a strong foundation for a basic estate plan. This simple approach to estate planning can save you (or your loved ones) thousands of dollars in court costs and attorney fees should you become incapacitated (or when you die.)
Give Yourself Peace of Mind
A properly crafted estate plan can give you peace of mind, knowing your assets and family are well protected. Our estate planning lawyers will help you get there.
The Wisconsin Power of Attorney for Health Care and the Durable Financial Power of Attorney are often referred to as a POA for Health Care and POA for Finance. They are often also simply called POA.
Why Have Power of Attorneys?
A Power of Attorney for Health Care and a Durable Financial Power of Attorney allow you to appoint the person(s) that you desire to make your financial and health care decisions in the event that you are medically unable to make such decisions yourself. That is, while you’re still healthy, you get to choose who will make decisions on your behalf should you fall ill.
Without property drafted Health Care and Financial POA documents, if you become unable to make your own health care or financial decisions, a Court will appoint a guardian to make these decisions for you. This guardianship process is time-consuming, confusing, and costly. As discussed in our recent article on Advance Care Planning, a properly drafted Power of Attorney for Health Care can save your loved ones from the grief and uncertainty of not knowing your wishes and not knowing if they “did the right thing” for you.
Further Advantages of Powers of Attorney: Getting Difficult Decisions Right
On top of the reasons detailed above, POA can allow for broad expanded powers that a court-appointed guardian will have difficulty implementing such as defining when you do or do not want artificial equipment or life sustaining procedures used if you are too sick to communicate your desires.
Guiding Our Clients Through Powers of Attorney
When we discuss POAs with our clients, we walk through the different types and options that can be used immediately or Powers of Attorney that become activated only if you are unable to make financial decisions for yourself. (These latter options are often referred to as Springing Durable Power of Attorneys or Springing POAs). We talk through Power of Attorney for Health Care options, discussing varying advance directives on the use of artificial equipment and other health care decisions your agents should make if you are unable to make your own health care decisions.
Many of our clients undertake more advanced estate planning including Revocable and Irrevocable Trusts. However, as part of any estate planning we include and discuss the appropriate type of Health Care and Financial POAs along with other estate planning concerns such as Trusts and Wills.
Even a simple basic estate plan should normally include a Will, a Durable or Financial Power of Attorney and a Power of Attorney for Health Care with advance health care directives.
Getting Started with Your Estate Plan
To discuss your estate planning wishes, please contact us for an appointment. You may qualify for a free initial consultation for traditional estate planning if your first meeting involves discussions of basic estate planning, Wills, POAs, and Trusts.
Lastly, if you will be meeting with us, a review of our approach to estate planning maybe helpful prior to our first meeting.