Being an adult comes with freedom and responsibility. You can now make important decisions independently without consulting your parents or guardians. While this may feel incredibly liberating, it is not without some scary moments. As an adult, you are in charge of yourself. If you cannot act on your own behalf, no one can automatically step in for you—not even your parents or guardians. You must legally appoint decision-makers for your medical, legal, and financial matters. When choosing the right decision-makers, it is crucial to ensure they will act in your best interest. As you embark on adulthood, address these two critical questions to ensure you are protected if you need someone to step in for you.
Medical decisions tend to be among the most personal decisions a person makes. You can name an agent (in some states referred to as a patient advocate) to make these decisions in certain circumstances. You legally appoint this person through a medical power of attorney. You may need someone to step in for you if you cannot make or communicate your own medical decisions. If you are under anesthesia, you may need someone to make a quick decision about your care, even if you otherwise would have the ability to make those decisions. In this instance, you cannot communicate your wishes, and a decision needs to be made. Note that communication can include more than just speaking. For example, if you can blink once for yes and twice for no, you may be able to retain the right to make your own medical decisions because you can communicate your wishes.
In addition to a medical power of attorney, having two additional tools in the medical arena can be helpful. First, an advance directive or living will (if legally recognized in your state) allows you to memorialize your wishes concerning your end-of-life care, such as whether you want to receive life support if you are in a vegetative state or have a terminal condition and no probable chance of recovery. In addition, having a Health Insurance Portability and Accountability Act (HIPAA) authorization form on record with your medical professionals ensures that those you know and trust can access your medical information (for example, picking up test results or receiving an update on your condition). Although the HIPAA authorization form will give them access to information, these individuals will not have any decision-making authority unless you appoint them as your patient advocate in your medical power of attorney. Ensuring everyone has access to this information may at least help alleviate or reduce the tensions between your chosen patient advocate and your loved ones.
Naming a patient advocate and at least two backups is essential in case your first choice is unable or unwilling to make medical decisions for you. When selecting someone to undertake this critical job, choose someone you trust. The person you pick will be making life-or-death decisions on your behalf. You need to choose someone who will abide by your wishes. The type of medical treatment you receive and your end-of-life wishes are personal to you, and others might not agree if they were in the same situation. You must let your chosen decision-makers know your wishes so they can follow through with them. Lastly, due to the immediacy of some medical emergencies, choosing a patient advocate who can respond quickly is key.
As an adult, you are responsible for all decisions impacting your life. You are responsible for signing your checks, entering into contracts, paying your bills, obtaining a job, and more. But suppose you cannot transact business, whether because you are out of town or were in an accident and can now not communicate. In that case, someone may need to ensure that various facets of your life continue uninterrupted. No one (not even your parents or guardians) can legally step in for you without your prior consent or a court order.
You need to name an agent under a financial power of attorney for these matters. This trusted individual will be responsible for taking financial actions on your behalf, such as purchasing life insurance or withdrawing money from your bank account to cover your expenses. The scope of your agent’s authority is determined by the type of financial power of attorney that is prepared. The power can be as limited or as broad as you like. You can specify that your agent can act on your behalf only for some issues (limited financial power of attorney) or can do almost anything you could do for yourself (general financial power of attorney). Another important consideration for a financial power of attorney is when your agent can act. You can have your agent act immediately or, as permitted in some states, only after you have been deemed unable to manage your affairs. The process for making this determination can be outlined in the document. In addition, you will need to ensure that the financial power of attorney is durable so that your agent’s authority can continue even if you cannot manage your own affairs (incapacitated).
Naming your agent under a financial power of attorney is crucial in protecting yourself and your future. As with a medical power of attorney, you want to ensure that you name someone as your agent, along with backups. Because this person could be handling your money and signing documents on your behalf, you must trust them. Depending on the circumstances and the availability of electronic signatures and virtual meetings, it may not be crucial that your chosen agent lives close to you. However, you will want to ensure that this person has the time to carry out the necessary tasks and duties.
We understand that you are beginning a new phase in your life. You are coming into your own and are now tasked with making important decisions that could impact the rest of your life. Let us help by crafting a unique estate plan for you so you can rest assured that you are protected from whatever life may throw at you. Book a Free Discovery Call.
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