PEACE OF MIND
LASCA ARNOLD PENDLEY
ESTATE PLANNING LAWYER
Receiving news that you need major surgery is never easy. If you have only a short time (weeks or days) to react, focusing on the essentials is key. Reviewing your estate plan is among those crucial to-do items. Make the best use of your time by considering the following urgent steps.
Who to call, what to update
• Your Estate Planning Attorney. After notifying loved ones of your impending surgery, your next call should be to your estate planning attorney. Time is of the essence, and your attorney can quickly triage the documents that provide the most immediate protection for you and your family.
• Review existing documents. Ensure that your estate planning documents, such as a Will, trust, and powers of attorney, are up to date and accurately reflect your current assets and wishes.
• Update personal representatives and heirs. Confirm that the executor or personal representative named in your Will and the trustee named in your trust are still the people you want managing your affairs. Separately, review beneficiary designations on life insurance, retirement plans, and investment accounts.
• Create (or update) a Will or trust. Although it may be difficult to set up a trust or complex Will in a limited amount of time, your attorney may be able to quickly update the provisions of an existing trust or Will. If you have no Will or trust, an attorney can usually prepare a straightforward Will on an expedited basis.
• Your Healthcare Power of Attorney. You should also contact your healthcare agent (the person named in your healthcare power of attorney or advance directive) to notify them of your surgery and the timing.
• Review wishes. Take a few minutes to review your wishes with them, especially any updates on end-of-life care, pain management, and specific interventions so, they can confidently act as your voice if you cannot communicate.
• Confirm availability. Ensure that your agent will be reachable and ready to respond during your surgery and immediate recovery period. It is wise to confirm that you have named a backup agent in case your primary agent is unavailable.
• Execute a new document if needed. If you do not have a healthcare power of attorney in place, now is the time to get one.
What documents to prioritize At a minimum, you should ensure the following documents are in place. Together, they protect your medical care and financial well-being if you become temporarily incapacitated.
• Living will. States your specific wishes regarding life-sustaining medical treatment if you are unable to communicate.
• Healthcare power of attorney.
Designates a trusted person (your healthcare agent) to make all medical decisions for you if you are unable to do so.
• Health Insurance Portability and Accountability Act (HIPAA) authorization form. Gives named people permission to access medical information and speak with your providers.
• Financial power of attorney.
Authorizes named people to handle finances on your behalf, including paying bills, managing accounts, accessing records, and filing taxes
• Will. Controls the distribution of probate assets at death and allows you to nominate an executor or personal representative and a guardian for minor children.
• Trust. If you have a trust in place, ensure that it reflects your current wishes and is funded (i.e., assets are properly titled in the trust’s name), so that it can function as intended.
If short on time —
If time is extremely limited, prioritize the most urgent step: formally naming the key people who can act for you — your healthcare agent, your financial agent, and (if you have minor children) a guardian.
Once those roles are filled, communicate your wishes clearly to each person, so they are not left guessing in a high-pressure situation.
In addition, draft a thorough list of your assets including digital assets (belongings, money, and property), their locations, and any identifying information, including logins and passwords.
Finally, ensure that your loved ones have your attorney’s contact information and know where your original signed estate planning documents are physically located.
While estate planning may be the last thing you want to do before major surgery, taking these urgent steps can give you peace of mind.
This article provided as a service of the Law Office of Lasca A. Arnold, PLLC.
Comment
Comments