TIME TO ORGANIZE YOUR MEDICAL DOCUMENTS
If you work with a wealth advisor, you understand the importance of having financial and estate planning documents in place. Similarly, from a health perspective, a living will and other medical paperwork are equally essential. These documents are part of a client’s overall emergency plan. A healthcare advisor can assist you in organizing these vital documents. These steps can keep your family protected in the future.
Why is this important?
It’s critical to think of this now, rather than later, as it is difficult to anticipate the way in which we will spend our last hours, days, and weeks. Many have strong feelings about their care in these times, whether it be in the ICU or hospice. If you have specific wishes you want to ensure are honored, a living will can help make your wishes known.
What is a medical surrogate?
This is also known as a healthcare proxy or healthcare power of attorney. By completing this document, you’re appointing someone you trust to make healthcare decisions for you if you are unable to make decisions for yourself. This decision is crucial, so it’s important to choose a trusted person to make decisions on your behalf in advance. It’s also important to provide an alternate surrogate in case, say, your spouse is in the same car accident as you and can no longer serve as your surrogate.
What is a living will?
A living will, also known as an advance healthcare directive, is a legal document that explains your healthcare wishes. It becomes effective when you are unable to make your own decisions. For example, if someone is seriously injured in a car accident and reliant on machines to keep them alive, a living will allows family members to know if they want their life prolonged in that way. It’s a smart move to talk to your doctor about advance care planning and get your wishes documented in the electronic medical record.
Do my medical documents need to be notarized?
It depends on your state—and your unique circumstances. If you are concerned about potential family infighting over decisions, it’s best to have your documents notarized.
What other documents do I need?
If you are in a coma or otherwise incapacitated, your family may need to access your accounts to pay bills or sign documents for you. Setting up a Durable Power of Attorney authorizes someone to act on your behalf in a wide range of legal and business matters.
Someone who is elderly and frail or someone with a terminal illness may want to have their physician complete a MOLST (Medical Order of Life Sustaining Treatment) form or a POLST (Physician Order for Life Sustaining Treatment) form, which vary by state.
If you have concerns about how your estate will be managed if you become incapacitated or need to go into a nursing home, you can assign a pre-need guardian as well as a backup guardian. This person could be a family member, a trusted friend, or a professional guardian.
Planning for the unexpected is always a good idea. Wellworth can help you develop an emergency plan for various healthcare situations and help ensure that your wishes and priorities are heard, even if you are not able to communicate.