Elder law is a specialized area of the law that focuses on the needs of older adults, encompassing estate planning, protection against abuse, healthcare and long-term care needs. Most of us think (or at least hope) that we will always be able to manage our personal care and our finances, and we hope to live out our days at home, but often it does not happen that way. Planning for a time when you may become incapacitated and unable to manage your financial and personal affairs is a prudent thing to do.
In addition to establishing a will or living trust, it is critical to appoint someone to act on your behalf with respect to your financial, legal and personal affairs in the event you are unable to do so. Below are some of the basic documents we believe every adult should have:
While we consider powers of attorney (POAs) to be fundamental documents, it is crucial that you only appoint persons who are trustworthy to serve as your agent. With years of experience in the legal and financial industry, we have seen the significant benefit of, but also the substantial abuse of, POAs. At Hubbard + Rotthier, we will talk through your family and relationship dynamics in order to help you decide who to appoint as your agent.
In addition, we encourage our clients to consider executing a Directive to Physicians and Family or Surrogates, also commonly referred to as a living will. Such an advanced directive allows you to state your wishes about end-of-life medical treatment if you have a terminal or irreversible condition and cannot communicate your treatment preferences directly. A directive can reduce or remove the burden on your loved ones of being responsible for your end-of-life decisions.
There are many other things you can do to prepare for the latter stages of life. Call us today to schedule a consultation!
