In the first part of this series, we discussed how estate planning for unmarried couples can be particularly critical. Many people consider estate planning something couples only need to worry about after marriage.
As an unmarried couple, however, your relationship with one another is frequently not legally recognized. In the event one of you becomes incapacitated or when one of you dies, not having any planning in place can have disastrous consequences. Your age, income level, and marital status make no difference—every adult needs to have some fundamental planning in place if you want to keep the people you love out of court and out of conflict.
Last week, we discussed wills, trusts, and durable power of attorney. Here, we’ll look at two more must-have estate planning tools, both of which protect your choices about the type of medical treatment you’d want if tragedy should strike.
Medical power of attorney
In addition to naming someone to manage your finances in the event of your incapacity, you also need to name someone who can make health-care decisions for you. If you want your partner to make medical decisions on your behalf, you should grant your partner medical power of attorney.
This gives your partner the ability to make health-care decisions for you if you’re incapacitated and unable to do so yourself. This is particularly important if you’re unmarried, seeing that your family could leave your partner totally out of the medical decision-making process, and even deny your him or her the right to visit you in the hospital.
Don’t forget to provide your partner with HIPAA authorization within the medical power of attorney, so he or she will have access to your medical records to make educated decisions about your care. It is important to name 2 or 3 alternates in the order you would want them to serve. This way if you and your partner are in the same accident, the person making medical decisions on your behalf is someone you chose.
Living will
While your medical power of attorney names who can make health-care decisions in the event of your incapacity, a living will explains how your care should be handled, particularly at the end of life. A living will explains how you’d like important medical decisions made, including if and when you want life support removed, whether you would want hydration and nutrition, and even what kind of food you want and who can visit you.
Without a valid living will, doctors will most likely rely entirely on the decisions of your family or the named medical power of attorney holder when determining what course of treatment to pursue. Without a living will, those choices may not be the choices you would want.
Since these documents go hand-in-hand, the named medical power of attorney should be familiar with your living will and the treatment choices you would make. In addition, sometimes they are combined into one document.
We can help
If you’re involved in a committed relationship—married or not—or you just want to make sure that the people you choose are making your most important life-and-death decisions, consult with us to put these essential estate planning tools in place.
With our help, we can support you in identifying the best planning strategies for your unique needs and situation. Contact us today to get started with a Family Wealth Planning Session.
We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. Our initial appointment is called a Family Wealth Planning Session, during which you will get more financially organized and learn how to best support (whether financially or in other ways) the people you love. You can begin by contacting us or by scheduling a Family Wealth Planning Session.