Unforeseen Medical Circumstances?
Have you ever considered what will happen if you are hospitalized for an extended period of time? Who will manage your finances? Will the electricity bill at home be paid? If you are unable to, who will make decisions about how you are treated? By engaging in incapacity planning, you can be prepared at any moment to handle a difficult situation. Incapacity means that you are unable to make decisions for yourself. Unfortunately, only having a will or trust will not help. You must have critical documents in place in order to prevent a Conservator from being appointed. Conservatorship is expensive, time consuming, and can be an emotionally difficult process for many families. The following are some important documents you may require in the event of incapacity:
Financial Power of Attorney
A Financial Power of Attorney, sometimes referred to as a Durable Power of Attorney, is an important tool that will allow you to give an individual the ability to manage and make decisions regarding your financial assets and property while you are unable. Placing someone in charge of your financial matters while you are incapacitated will ensure that bills will continue to be paid and that no important responsibilities will fall through the cracks.
Healthcare Power of Attorney
A Healthcare Power of Attorney gives someone you appoint the ability to make decisions about what treatment you receive and how you will be treated if you are unable to decide for yourself. This can be very important in times where immediate action needs to be taken. It will also provide you with the necessary comfort knowing someone you trust will be in control of your healthcare.
HIPAA Authorization
Under Federal and State Laws, medical information can only be provided to individuals when you, the patient, have provided written consent. This HIPAA Authorization gives medical professionals and healthcare providers the authority to share this critical information with your loved ones.
Living Will
There may come a time when you are in the unfortunate position of being in an unrecoverable state. By having a Living Will in place, you are able to decide how much and what kind of treatment you would like in your final moments.
Contact FC360 Legal and Business Solutions today to discuss these important considerations.