The Estate Planning Information Blog

If you have not done so, you should discuss incapacity planning with an estate planning lawyer as soon as possible.

Incapacity planning is important for people of all ages. ?Although the risk of disability might increase with age, the possibility of?, short or long-term,disability, incompetency, and/or incapacity is ever present.?

Incompetency planning?necessarily concerns both?health care and financial issues, and therefore requires several legal documents to implement. ?The document most people are familiar with, however, is a living will.?

One need look no further than the case of Terri Schiavo to appreciate the importance of a living will.?This young woman fell into a vegetative state after suffering full cardiac arrest while she was in her 20s. ?She had not executed a living will expressing her own wishes with regard to being kept alive by way of the use of artificial life support measures. As a result, a highly publicized court battle ensued between her husband and her parents.

You should also consider and execute "practical," and "legally enforceable" durable powers of attorney. These documents are "practical" if they are in a form and format that health care institutions and professionals are accustomed to seeing and accepting. ?They are "legally enforceable" if they meet state law requirements, including prior notifications that may be required, and?requirements?for execution, such as signature, attestation or acknowledgement, and witnessing or notarization. ?Many states have statutory forms, and it is wise to first consider use of a statutory form rather than a form prepared without regard to the practicality of the most commonly used and accepted forms. ?With these instruments you select proxies to act on your behalf in the event of your incompetency or incapacity.?

You must also consider the Health Insurance Portability and Accountability Act (HIPAA) when you are planning for the possibility of incapacity. This act makes it necessary for you to sign releases to allow people to access your health care information. ?HIPAA covers medical records, but it also covers a whole host of medically related financial records, ?Consequently, relying upon only a durable medical power of attorney is short-sighted. ?Your incapacity planning should include a HIPAA authorization so your health care proxy and your financial attorney-in-fact is able to access needed health care information.

You may also wish to include a financial power of attorney or trust to permit a person you choose to make financial decisions on your behalf if you are incapacitated. ?Your financial attorney-in-fact or trustee need not be the same person as your health care proxy.

The new year is a good time to turn your attention to these important planning documents.

Source: http://estateplanningcenter.blogspot.com/2013/01/the-ohio-statutory-living-will.html

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