July 31, 2009
Revoking a Power of Attorney
If for any reason, you become unhappy with the person you have appointed to make decisions for you under a durable power of attorney, you may revoke the power of attorney at any time. There are a few steps you should take to ensure the document is properly revoked.
If you execute a new power of attorney, it should state that old powers of attorney are revoked. However, you may also put the revocation in writing. The revocation should include your name, a statement that you are of sound mind, and your wish to revoke the power of attorney. You should also specify the date the original power of attorney was executed and the person selected as your agent. It should be signed by you according to the same requirements needed to execute a power of attorney in your state. Send this revocation to the agent under your old power of attorney, as well as your new agent, and any banks or financial institutions that you are working with. Attach your new power of attorney to the revocation.
You will need to get the old power of attorney back from your agent. If you can’t get it back, send the agent a certified letter, stating that the power of attorney has been revoked to put them on notice that they are no longer allowed to act on your behalf.
Finally, because a durable power of attorney is the most important estate planning instrument available, if you revoke a power of attorney, it is important to have a new one put into place immediately. An elder law attorney can assist you in revoking an old power of attorney and drafting a new one.
For more information on powers of attorney, click here www.manzlawfirm.com
July 29, 2009
Beware of Generic Health Care Proxy Forms
If you go to the hospital, you may be presented with a health care proxy form to sign on being admitted. While it might seem easy to sign a generic health care proxy form, having a document that is specifically tailored to your needs is very important.
A health care proxy form, also known as an advance medical directive, allows you to appoint someone else to act as your agent to make medical decisions for you when you are unable to make them yourself. It should also include a Living Will that states what your wishes are for end of life care.
An advance medical directive takes effect only when you require medical treatment and a physician determines that you are unable to communicate your wishes concerning what that treatment should be. Appointing someone to serve as your agent helps ensure that your wishes will be carried out when a crisis occurs.
While an advance medical directive serves to appoint an agent to speak for you, you can also use it to give the agent guidance about your medical wishes. The following are some issues that can be addressed in an advance medical directive:
- The name of the person authorized to act for you. It is good to appoint an alternate as well in case your primary agent is unable to assist you.
- If you are terminally ill, in a coma, or have brain damage with no hope of recovery, you can explain the kind of treatment you do not want. For example, do you want to be kept alive by machines if you are in a persistent vegetative state?
- Under what circumstances you want pain medication to be administered.
- Whether you want to donate your organs.
- Whether you want to be cremated or buried and where and how your remains should be disposed of.
Whatever choices you make, you should take time to consider your health care wishes before drafting an advance medical directive. For this reason, signing a generic hospital form is not a good idea, as such a form will not take your individual wishes into account. Instead, you should work with an estate planning attorney to have a proper advance medial directive prepared that reflects your personal wishes. In addition, if you already have an advance medical directive as a part of your estate plan, the generic form will revoke your more personal advance medical directive
The Law Office of Angela N. Manz can help you create a document that specifically addresses your unique situation and feelings on medical decisions and end of life care. Email us for more information by clicking here.
July 24, 2009
Estate Planning
Why Plan Your Estate?
The process of estate planning means that you have a plan prepared for the management of your affairs during your life and for the disposition of your property upon your death or disability. No one likes to dwell on the prospect of his or her own death or disability. The failure to plan may cause you or your family to incur unnecessary expenses, taxes, delays, and stress when you die or be become disabled. You run the risk that your loved ones may not receive what you would want them to receive after your death due to conflicts and disagreements, taxes, or administrative costs after death. Failure to plan may also cause you to run out of money during your lifetime if you are to need long-term care. This means that there may be no inheritance left for your spouse or children. This can all be avoided by proper estate planning. A complete estate plan should consider the needs of your spouse, children, and other beneficiaries.
A comprehensive estate plan will address the following questions:
Whom do I want to make financial or health care decisions for me if I am incapacitated?
Whom do I want to manage my estate after my death?
Where do I want my property to go after my death?
What if my I want to leave property to a beneficiary who is disabled, has a substance abuse problem, or may become divorced?
What happens if my spouse or I become disabled?
How can I minimize or avoid probate taxes and fees after my death?
How can I leave an inheritance for my children?
All estate plans should include the two important estate planning instruments: a durable power of attorney and an advance medical directive. The first is for managing your property during your life, in case you are ever unable to do so yourself. The second is for the management of your health care decisions in case you are unable to do so yourself. Also, an estate plan should include a will and possibly a revocable trust. Many Americans are using revocable (or “living”) trusts to avoid probate and to manage their estates both during their lives and after they’re gone, but that doesn’t mean it’s the best option for your family.
A complete estate plan will address your needs, as well as the needs of your spouse, children and other family members or business partners. A good estate planning attorney will discuss your specific family situation with you to determine the best estate plan for your family, whether you need a will and/or a trust and to ensure that you are take care of in the event of a disability.
Don’t delay in getting a proper estate plan put into place. Not having the proper estate plan could have disastrous results for your family. Prior planning makes all the difference.
July 16, 2009
Ten Warning Signs Your Senior Loved One May Need Help
Ten Warning Signs Your Senior Loved One May Need Help
For many Americans, it can be difficult to determine when a senior loved one needs help.
Has your family member:
- Changed eating habits, has no appetite, or missed meals
- Neglected his or her personal hygiene
- Neglected his or her home so it is not as clean or sanitary as usual
- Exhibited inappropriate behavior by being unusually loud or quiet, paranoid, agitated, or making phone calls at all hours
- Changed relationship patterns with friends and loved ones
- Had physical problems, weakness, forgetfulness, or possible misuse of alcohol or prescribed medications, or is forgetting to take medications
- Decreased or stopped participating in activities that were previously important
- Exhibited forgetfulness resulting in unopened mail, piling newspapers, not filling his or her prescriptions, or missed appointments
- Mishandled finances such as not paying bills, losing money, paying bills twice or more, or hiding money
- Made unusual purchases such as buying more than one magazine subscription of the same magazine, entered an unusual amount of contests, or increased the usage of purchases from television advertisements
If your loved one exhibits one or more of the behaviors listed below, it may indicate that action should be taken. You should contact the senior’s primary care physician and schedule an appointment to discuss the changes you have observed. It would also be a good time to consult with an elder law attorney to ensure that your loved one has a long-term care plan in place.
The first step in preparing a long-term care plan involves reviewing the senior’s estate plan. If your loved one does not have a power of attorney and advance medical directive in place, now is the time to complete this important task. If you wait too long, your loved one may no longer have capacity to complete their estate planning and require you to obtain a guardianship through the court system in order to assist them with their on-going needs.
The second step in creating a long-term care plan involves discussing the senior’s current living situation and determining whether it will remain a safe situation for that senior. If it is not a safe situation, you should determine whether the senior requires some in-home care or whether it would be better for them to move into an assisted living community or a nursing home.
Finally, the long-term plan must include a determination on how the senior can pay for the help they need without exhausting their assets too quickly. An elder law attorney will help you decide whether Medicare, Veteran’s benefits, Medicaid, or other benefits might be available to the senior and how to properly apply for those benefits.
One thing to remember is that you should not wait too long to prepare a long-term care plan with your loved one. The earlier that planning takes place, the easier things will be when a crisis occurs. Proper planning prior makes all the difference.
This blog post is not intended to provide legal counsel or to be a substitute for legal counsel. We assume no responsibility for any errors, omissions or any damage resulting from the use of this information.
