TCU: The Conversation Your Family Shouldn't Avoid
July 28, 2016 at 4:25 p.m.
By Teachers Credit Union-
Asking the Hard Questions
The questions may be hard, but knowing the answers will make it easier for family members should one of you become incapacitated. So, sit down with your spouse, parents, and adult children and ask each other these kinds of questions:
(1) If you are injured in an accident, do you want to be kept alive in a “persistent vegetative state”?
(2) If you no longer can make financial decisions for yourself, who should make them for you?
If these questions go unanswered, family members could be subjected to a lengthy and costly court hearing to determine who will oversee your medical and financial affairs.
Then, the person making decisions for you might be a stranger, or even a relative whom you did not want involved.
In addition to making your wishes known to your loved ones, consider executing durable powers of attorney and a living will.
Durable Power of Attorney for Finances
With a durable power of attorney for finances, you appoint the person who will make financial decisions for you when you no longer can.
Depending on state law, this person can be your spouse, adult child, relative, or friend. You can specify ahead of time exactly what powers this person will have.
For example, you can authorize him or her to pay your bills, collect rent, make deposits into your bank account, and sell real estate, but limit the ability to withdraw funds from your retirement plan account.
Advance Directives
Similar to a durable power of attorney for your finances, with a durable power of attorney for health care (sometimes called a healthcare proxy or medical power of attorney) you appoint someone to make healthcare decisions for you.
While under most states’ laws this person has to be a competent adult, you cannot name your attending physician. You can give this person the power to determine end-of-life care, such as whether or not you want pain relief or a feeding tube. You can choose either the same person or two different people to serve as durable power of attorney for health care and for your finances.
A living will is a directive to physicians stating exactly what kind of care you do and don’t want if you are terminally ill and incapacitated.
The laws concerning powers of attorney and living wills vary from state to state. Consult with your attorney regarding the document (or documents) that might be appropriate for you.[[In-content Ad]]
Asking the Hard Questions
The questions may be hard, but knowing the answers will make it easier for family members should one of you become incapacitated. So, sit down with your spouse, parents, and adult children and ask each other these kinds of questions:
(1) If you are injured in an accident, do you want to be kept alive in a “persistent vegetative state”?
(2) If you no longer can make financial decisions for yourself, who should make them for you?
If these questions go unanswered, family members could be subjected to a lengthy and costly court hearing to determine who will oversee your medical and financial affairs.
Then, the person making decisions for you might be a stranger, or even a relative whom you did not want involved.
In addition to making your wishes known to your loved ones, consider executing durable powers of attorney and a living will.
Durable Power of Attorney for Finances
With a durable power of attorney for finances, you appoint the person who will make financial decisions for you when you no longer can.
Depending on state law, this person can be your spouse, adult child, relative, or friend. You can specify ahead of time exactly what powers this person will have.
For example, you can authorize him or her to pay your bills, collect rent, make deposits into your bank account, and sell real estate, but limit the ability to withdraw funds from your retirement plan account.
Advance Directives
Similar to a durable power of attorney for your finances, with a durable power of attorney for health care (sometimes called a healthcare proxy or medical power of attorney) you appoint someone to make healthcare decisions for you.
While under most states’ laws this person has to be a competent adult, you cannot name your attending physician. You can give this person the power to determine end-of-life care, such as whether or not you want pain relief or a feeding tube. You can choose either the same person or two different people to serve as durable power of attorney for health care and for your finances.
A living will is a directive to physicians stating exactly what kind of care you do and don’t want if you are terminally ill and incapacitated.
The laws concerning powers of attorney and living wills vary from state to state. Consult with your attorney regarding the document (or documents) that might be appropriate for you.[[In-content Ad]]
Have a news tip? Email [email protected] or Call/Text 360-922-3092