Estate Planning for Health & Elderly Issues

Advances in science and medical technology have created relatively new issues for estate planning -- mainly concerning events that precede death. Whatever stage of life you are in, you should not overlook the importance of the following documents/ areas:

1. Insurance– Health insurance and nursing home insurance should be considered.
2. Designation of guardian before need arises --In the event you become incompetent, you can appoint a guardian of your person or estate while you are living. This should be the same person as the one who holds the power of attorney -- you can say who should not be appointed guardian.
3. Durable power of attorney – "Durable" means that this power does not terminate on your disability. You can also choose for it to come into effect upon your disability. This is an inexpensive arrangement to handle transactions for the incapacitated person. However, if you have a substantial estate or an estate with non-ordinary assets, you may need to consider additional estate planning.
4. Medical power of attorney – When you do not have the capacity to make health care decisions someone you appoint can make these for you (except for abortion, convulsive treatment, psycho surgery, or certain mental health services).
5. Directive to Physicians – Commonly called a Living Will, this form helps you accomplishes your goal of dying naturally. This is different than a "DNR" (Do Not Resuscitate), which can be obtained from a hospital.
6. Anatomical Gift Statement – have you signed up to be an organ donor on your driver’s license? This act alone may not be controlling. Family should always be informed of your wishes and the anatomical gift statement may help reinforce your desires to be an organ donor.
7. Bank account arrangements – check with your bank about access and survivorship and make sure these things are designated as you wish.
8. Revocable management trust – for persons with issues regarding management of larger estates.
   

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