Health Care Directives
Health care directives are documents drafted that state your wishes regarding your health care in the event you are unable to make your own health decisions and preferences regarding end-of-life treatment.
- Ohio Living Will – A living will is a drafted document in which you can customize your wishes about life-sustaining medical treatment if two or more doctors agree that you are terminally ill, permanently unconscious, or in the end-stage of a fatal illness. This document is important because you control your end-of-life treatment so that your loves ones don’t have to.
- Health Care Power of Attorney – A health care power of attorney is drafted document in which you appoint someone to make medical treatment decisions for you if you are unable to make them for yourself. For example, if you are in a coma or have a stroke and are incapacitated and unable to make decisions, then someone will only be able to make your treatment decisions if you have this document executed. You also want to make sure that you have a HIPAA waiver place so that the health care facility will be able to release information to your health care power of attorney. If you have kids in college, it is important that you have your kids execute a health care power of attorney so that if something were to happen to them while away at college you will be able to obtain medical information and make decisions on your kids’ behalf. Having a health care power of attorney prevents the need for a court to appoint a guardian in the event you are unable to make your own health care decisions.
Financial Power of Attorney
A financial power of attorney, or durable general power of attorney, is one of the most important documents to have during your lifetime. A financial power of attorney is a drafted document in which you appoint someone to make decisions regarding your financial and business affairs in the event you become incapacitated. This document is “durable” meaning that it remains in effect even after the principal becomes incapacitated. The State of Ohio adopted the Uniform Power of Attorney Act as R.C. 1337.21-64 and there are specific “hot powers’ that the principal must grant to the agent. Without these “hot powers” a financial institution might refuse to accept the financial power of attorney. These “hot powers” are also vital in the event of last-minute Medicaid planning where it is necessary to create a trust or move assets to gain eligibility. If you don’t have a financial power of attorney in place and you become incapacitated, then costly court guardianship/conservatorship proceedings may have to take place in order to appoint someone to handle your affairs.
Professional & Experienced Help is Available
Whether a Power of Attorney and/or a Health Care Directives is right for you depends on your specific needs and circumstances, but we believe that every adult should have health care directives and a financial power of attorney.
Meeting with an Ohio estate planning attorney will provide you with a legal analysis and help you decide whether these are an effective estate planning tool to help you take control. Contact us today to discuss creating health directives and a financial power of attorney that are tailored to your specific needs and circumstances Call My Ohio Estates to further discuss.