Health on the Rocks? Estate Planning Can Put Your Mind at Ease

February 29, 2012

More than 120 million Americans live with a chronic illness. Yet, most of them do not have legal documents in place that will assist in safeguarding their health, protecting their autonomy and properly administering their property should they become unable to express their wishes.

Although everyone can benefit from a comprehensive estate plan, it is especially important for those with declining health to take advantage of the services offered by a Kalamazoo estate attorney. Estate planning is not just about distribution of property; it can lay out a path for your care, providing you with valuable peace of mind and the ability to focus on your health.

Different Estate Planning Tools Can Help You Form a Well-Rounded Plan

When most people think of an estate plan, they think only of a Last Will and Testament. While it is certainly important to have a Will in order to ensure that your property will be distributed according to your wishes and to avoid conflict between bereaved family members, a Will is just one of many important planning tools. In fact, a Will alone may not even be enough to adequately address concerns about what will happen to your property after your death: trusts or other legal instruments could be required to fully realize goals for your property (such as minimizing your tax obligations or avoiding probate).

Designating decision makers is an important feature of some planning instruments, two of the most important for a chronically ill individual being a general durable power of attorney and a medical power of attorney. A general durable power of attorney is a document that appoints someone to sign financial and legal documents in your name should you become incapacitated. A medical power of attorney -- also called a health care proxy or a patient advocate designation -- will empower the person you designate to make medical care decisions on your behalf should you become unable to make such decisions yourself.

Living wills are an appropriate supplement to medical powers of attorney. A living will sets out the types of artificial treatment you would or would not like to receive in a variety of possible situations; it can provide a valuable guide for the patient advocate you selected in your medical power of attorney documentation.

Concerns may also arise as to how your medical care will be paid for should your condition worsen. A qualified attorney can advise you on how to structure assets such that you may be able to qualify for Medicaid or other medical assistance programs.

Seek Advice From a Qualified Attorney

No one knows when they could be stricken by disability. Unfortunately, once you are in this situation, it is too late to execute planning documents -- in the worst case scenario, all bets could be off as to your care and financial affairs. Do not let a chronic health condition usurp your autonomy: contact an estate planning attorney today to ensure your wishes are clearly established.

Article provided by Willis Law
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