Advance Care Planning: The Documents Everyone Should Have
We like to think that we will always be capable of making our own healthcare decisions. Sometimes, however, it doesn’t work like that. A stroke, a car accident, Alzheimer’s disease—any number of circumstances might limit or take away a person’s immediate ability to make healthcare decisions.
Fortunately, you have the power to think about and plan for such situations. April 16 is the annual Healthcare Decisions Day, a good reminder to make your wishes and plans official. There are three types of legal documents everyone needs: a healthcare power of attorney, a healthcare directive/living will, and a financial power of attorney.
Healthcare power of attorney
A healthcare power of attorney is also called a durable power of attorney for healthcare or a healthcare proxy. This is a document that lets you give someone else the power to make decisions for you if a time were to come that you couldn’t speak for yourself.
Who would you most trust to make those decisions for you? That is the person you should appoint as your healthcare proxy. If for some reason that person were not available to act for you, who would be your second choice? Most forms designating a healthcare proxy allow you to name an alternate.
Although no one is required to appoint a healthcare power of attorney, it is the most flexible sort of advance directive. Your healthcare proxy can make decisions for you in a wide variety of unforeseen situations. They have a legal obligation to make decisions for you based on what you would have chosen for yourself. Therefore, naming a proxy greatly extends your ability to control your healthcare decisions.
Before you designate someone as your healthcare power of attorney, ask them if they are willing to take on that responsibility. If they are, you should have a frank, detailed conversation about your feelings and values about healthcare and the kinds of treatment you would or would not want.
Healthcare directive/living will
A healthcare directive, also called a living will, is another way of extending control over your own healthcare. This document is where you express what kinds of care you would or would not want if you were nearing the end of your life.
A healthcare directive form provides room for you to list your preferences about specific treatments you want to receive at the end of your life. This includes “life-sustaining measures,” advanced medical treatments that can keep a person alive past the time when death would very likely occur. Examples include CPR, dialysis, ventilation (using a machine to breathe for a person), tube or needle feeding, and antibiotics to fight an infection that could hasten death.
It is a common misperception that you should fill out a living will only if you don’t want any life-sustaining treatment at all. In fact, your living will allows you to specify precisely what treatments you would like and which ones you would refuse. Most healthcare directives also have a space to write down any preferences not covered in the specific treatment questions asked.
Financial power of attorney
A financial power of attorney authorizes someone you trust to manage your financial affairs. This may include handling banking transactions, paying your bills, managing investments, and taking care of your property if you are unable to do so yourself due to illness or incapacitation.
When selecting someone as your financial power of attorney, consider who among your family or friends understands financial matters and has a track record of prudent financial decision-making. It’s also wise to appoint a successor who can step in if your primary agent is unavailable when needed. Most financial power of attorney forms provide for this contingency, allowing you to designate both primary and alternate agents.
Though it’s not mandatory, appointing a financial power of attorney is a proactive step in estate planning. It ensures that your financial affairs can be managed according to your wishes without unnecessary delays or court intervention, which might be required if no power of attorney is present. This can be especially crucial during times of sudden illness or accidents when quick financial decisions might be needed.
Before appointing someone as your financial power of attorney, it is important to confirm that they are willing and able to undertake these responsibilities. Discussing your financial values, goals, and the specific powers you are granting is essential to ensure they can act in your best interest and according to your preferences.
Notifying others about your decisions
Once you have signed and witnessed copies of the healthcare-related documents, give copies to your primary physician, your healthcare representative, your hospital, and any other major healthcare institution you use. Doctors and hospitals may become uncomfortable when the family is surprised by their loved one’s wishes as stated in a living will, especially if family members disagree with the patient’s wishes.
It is also wise to share the contents of all the documents with your family and close friends. Let them know what you would want. You can make it easier for everyone by talking openly with your loved ones about what you would want.
Learn more
Visit the National Healthcare Decisions Day website (www.nhdd.org) to find more information about healthcare planning, and to access free advance directive forms for your state.
As always, we at Longevity Income Solutions are happy to assist in your advance care planning process. Contact us today.