Protect Your Loved Ones: Obtain a Will, Power of Attorney and Other Vital Estate Documents

Life can change in a moment. If something happens to you, do your loved ones know what to do? Do they know your thoughts on life support if you’re hospitalized? Do they know what you want done with your property? Do they know how to handle your bills and other expenses?

Whether you’re healthy and active or having an upcoming life event like a surgery or wedding, now is the perfect time to ensure that your affairs are in order.

Here is what you need to know about these important documents.

Why is a Proper Last Will and Testament Important?

A Last Will and Testament (a.k.a. a will) is used to dispose of a person’s solely owned assets at death, which are called “probate assets.” An example of a probate asset is a checking account titled in one party’s name.

Non-probate assets are those assets that are titled jointly with another individual, assets held by a trust, assets that have a designated beneficiary, or assets that have been made “payable on death” to another individual at death. Non-probate assets pass upon death to the surviving co-owner or owners and not through a will. Examples of non-probate assets include a life insurance policy where you have designated a beneficiary (which would pass to the beneficiary designated upon death and not through a will).

In a will, a person makes important decisions like how to allocate assets at death, who to appoint as guardian for a minor child, and who to appoint as trustee to handle any assets being left to a minor child.

In a will, an individual also appoints an executor to handle the estate administration after death.

Everyone needs to have a Last Will and Testament prepared by an experienced attorney so their wishes will be followed, and their probate assets will be left to loved ones according to their wishes.

Why Should You Have a Power of Attorney?

A power of attorney (a.k.a. POA) is a written document in which an individual, referred to as the “principal,” designates an individual, referred to as the “agent,” to exercise certain powers and perform covered acts for the sole benefit of the principal. The principal must be 18 years of age or older to execute a power of attorney and also possess the mental capacity to understand the purpose of the document and appoint an agent.

Once a power of attorney is in effect, the designated agent acts for the benefit of the principal.

It is important for the principal to select an agent who is trustworthy and competent to handle the principal’s affairs. A power of attorney is in effect only during the principal’s lifetime. Upon the principal’s death, the designated agent no longer has authority to act under the document.

What Does a Healthcare Power of Attorney Do?

A Healthcare Power of Attorney serves as a waiver of privacy regulations established under the Health Insurance Portability and Accountability Act (HIPAA), a U.S. law enacted in 1996 that sets national standards to protect sensitive patient health information.

A healthcare power of attorney enables the principal’s designated agent to have access to his or her doctors and medical records.

The Healthcare Power of Attorney comes into play when the principal is unable to give informed consent for treatment due to illness, incapacity, or unconsciousness. If that happens, their medical agent is authorized to make such critical medical decisions on behalf of the principal.

Does a Living Will Protect You and Your Loved Ones?

The answer to the question is, yes. A Living Will is a statement of a person’s specific instructions to their medical providers when they are at the end stage of life with no hope of recovery or in an irreversible coma.

This document communicates a person’s decision about whether to receive life-support measures if their body is in a grave and hopeless state.

Because these can be difficult decisions for loved ones to make, this document allows individuals to consider their options ahead of time, thereby relieving their family and friends of the burden of making those decisions.

The living will directs medical staff exactly how to proceed with treatment or non-treatment.

It is important to prepare for life changes, including sudden illness, marriage or divorce, or an unexpected passing.

Let this be the year that you finally have your last will and testament, power of attorney, durable healthcare power of attorney, and living will documents prepared or updated to reflect your wishes.

Willig, Williams & Davidson’s Wills, Trusts & Estates lawyers are available to prepare a Last Will and Testament, a Power of Attorney, a Durable Healthcare Power of Attorney, and a Living Will for our clients. Willig, Williams & Davidson’s capabilities extend beyond document preparation and the provision of legal advice. Our attorneys in PA also provide representation both in and out of the courtroom in matters such as guardianship litigation, trust disputes, will contests, and other probate litigation and related concerns.

For more comprehensive information, please call (215) 656-3600 or contact one of our Wills, Trusts & Estates attorneys who can provide a consultation and information to aid you in the process.