Why Preparation is Important
Preparing for the future is an important task to undertake, because not only does it ensure that your wishes are carried out after you pass, it also protects your dignity before you go.
A Last Will and Testament, the legal document that controls the manner in which an estate will be distributed after death, is the first step in planning your estate; but you can do more to protect yourself while you are still alive. Agent Documents, which are geared to protect you while you are still alive, go hand-in-hand with a Last Will & Testament, and consist of a Guardian Designation, Health Care Proxy, Living Will and Power of Attorney. These documents can be prepared and executed together or apart, and are customized to reflect your wishes.
Health Care Proxy (also called a Durable Medical Power of Attorney, Appointment of Health Care Agent, and Appointment of Health Care Surrogate)
A Health Care Proxy is a document that designates someone you trust to act as your “proxy” or agent in the event you become incapacitated or cannot speak for yourself. Naming a proxy helps to ensure that you will get the care you desire if you are unable to communicate your wishes.
Living Will (also called an Advanced Directive)
A Living Will goes hand-in-hand with a Health Care Proxy and lists the exact medical care or treatment you do or do not want should you become incapacitated or unable to communicate due to a temporary or permanent illness or injury. Among others, a Living Will makes clear your Medical treatment preferences, such as feelings about palliative (comfort) and life-sustaining care (like artificial hydration and nutrition).
Guardian Designation
A Guardian Designation allows you to nominate a person to act as your guardian and they will be legally responsible for your personal affairs, health and well-being should you become incapacitated and require it. The guardian you designate will have the authority to make decisions on your behalf should you be unable to do so.
Power of Attorney (POA)
A Power of Attorney (POA) allows you, the grantor, to appoint someone you trust to serve as your agent, or attorney-in-fact, to act on your behalf in private, business and legal affairs. The agent you designate would have authorization to represent you pertaining to multiple matters, including bank accounts, financial institutions, real estate, Medicaid/Medicare, IRS, State Taxation Department, etc. A POA can be limited to one matter, or be comprehensive. The most common POA is Durable, which remains in effect until revoked whether or not you become incapacitated; and is the standard version most commonly used in New York State.