Page 37 - Demo

difficult for you to make trips to the bank, or it can be springing, which allows an agent to act only after the principal has been determined to be incompetent, most often after assessments by two doctors find the principal incapacitated. The DPOA ends at the principal%u2019s death.You can define the scope of your agent%u2019s authority in the document, making the agent%u2019s authority very limited or very broad. Be sure to make the wishes expressed in the document made known to health care providers.The document can allow for gifting of assets or alteration of an estate plan, but only to the extent specifically authorized by the document and only if the actions taken by the agent are in the principal%u2019s best interests. Having broad powers in the document is very important if Medicaid planning becomes an issue for you. The document can also require accountings by the agent to provide for accountability beyond the fiduciary duty.When developing your plan consider the following commonly used phrases:Advance Directive: A legal document that states the medical treatments and/or life-sustaining measures you would or would not want should an end-of-life situation occur and you are unable to communicate your choices. It is your written health care plan.Do Not Resuscitate Order (DNR): A medical order that can also be obtained through your physician, the DNR indicates you do not want to receive resuscitation attempted if your heart or breathing stops.Financial Power of Attorney: Referred to previously as a Durable Power of Attorney for financial matters, is an agent appointed to make decisions and otherwise handle financial matters for you.Other Documents: There are other documents that can be a part of the conversation, including but not limited to:%u2022 Advance Instruction for Mental Health%u2022 Health care-related insurance coverages%u2022 Estate planning / Will / Trust%u2022 Funeral, memorial service, burial/cremation planning%u2022 Organ, eye, and tissue donation registration%u2022Donation of remains for research arrangementsWhile it can be scary to think about a time when you may need a surrogate decision maker, it can save time, money, and heartache for your grieving and stressed loved ones. Having effective documents in place will be a guide for all those involved. They provide family with critical information and the confidence needed for future decisions. The bottom line is that it is better to prepare ten years too early than one day too late. Once you decide to begin it is important to confirm with others their willingness to accept the roles you may be asking of them. Publisher%u2019s note: This is not intended to be legal advice but a starting point for consideration. For more information and final document construction consult with an elder law attorney.Law Office ofCindy L. ThomasWills %u2022 Trusts %u2022 Powers of AttorneyWho will make medical decisions on your behalf should you become incapacitated?Who will manage your financial affairs if you are unable to do so?Who will inherit your assets if you die without a will?Call Today!An effective estate plan can protect your assets, ensure your wishes are carried out and provide for those you love after you%u2019re gone. Our team has the experience and dedication to partner with you in developing an estate plan designed to meet your needs and provide you with peace of mind.Oakridge Office Park395 South Shore Drive, Suite 204Battle Creek, Michigan 49014269-964-5080 %u2022 cindylthomas.comEstate Planning & Elder Law 269.963.8222130 East Columbia AvenueBattle Creek, MI 49015www.staceylottlaw.comStaceyLottAttorney at Law SENIOR HOUSING DIRECTORY | 202637