Estate Planning: Is Your Family Prepared for a Late-Life Health Emergency?
When we get in a vehicle, we have seat belts. We are all aware that they are provided for our safety. Almost every time we get in a vehicle and drive to a destination, we do so without incident, yet we wear seat belts while we are in a vehicle as a precaution for the rare instances when there may be some type of car accident. This is similar to planning for unexpected medical events and emergencies. Proper estate planning can help manage the financial implications that are associated with unexpected health problems and the potentially long-term care needs that can be associated with sudden onset conditions.
Is Your Family Prepared for a Late-Life Health Emergency or Major Medical Event?
- Plan Ahead: No one enjoys thinking about the worst-case scenario, but should you become incapacitated due to a medical emergency, it is vital that you consider what info the caregiver in the situation would need so you could receive necessary treatments and care. This information (both medical and financial) should be centralized and clearly designated in your estate planning documents to simplify the process and ease the burden during what will already be a difficult time.
- Designate POAs: Did you know that a spouse or family member does not necessarily receive automatic legal rights to manage your personal and medical affairs if you are incapacitated? Talk to your estate planning attorney about including a healthy care power of attorney and financial power of attorney in your estate plan. Designate an individual you trust to make decisions on your behalf and handle your affairs if you are unable to do so.
- Update Your Estate Plan: Updating your estate plan is not something you do once in your life. For some, and in some situations, it’s not something you do once a year. Update your estate plan regularly (many choose to do so annually), but also update your estate plan anytime you have a change to your lifestyle, your financial or family situation, etc. Pay particular attention to beneficiary listings and living wills. This minimizes additional costs and trauma during a healthcare emergency.
If you need assistance preparing for a health emergency in your senior years, get in touch with one of the experienced Florida estate planning attorneys at Elder Solutions Law Firm today. We have the experience you need on your side to protect your family and your estate.