Crafting a Plan to Safeguard Your Finances and Health Care Decisions

As Forrest Gump famously said, “life is like a box of chocolate. You never know what you’re going to get.” While no one has a crystal ball, crafting a sound plan with the right legal documents can help navigate through expected and unforeseen events. Two essential legal documents will provide your loved ones with guidance and, importantly, access, in case you are unable to help yourself: the Power of Attorney and Health Care Proxy with a Living Will.

Power of Attorney: Protecting Your Financial Interests

A Power of Attorney (POA) is a legal document in which you authorize a close friend or family member to act as your agent or attorney-in-fact to make financial decisions on your behalf pursuant to N.J.S.A. 46:2B-8.2. This can include, among other things, managing bank accounts, paying bills, filing taxes, handling real estate transactions, and managing investments. You can opt to have a durable power of attorney or a springing power of attorney. A durable power of attorney allows your agent to act on your behalf upon signing the document, whereas a springing power of attorney only “springs” into action upon your incapacity. In either event, a well drafted power of attorney allows your agent to manage your financial matters smoothly and can help you avoid costly and time-consuming court processes that are required to gain access to your accounts if you do not have an agent in place.

Health Care Proxy and Living Will: Directing Your Health Care Wishes

A Health Care Proxy designates a trusted individual to make medical decisions on your behalf if you are unable to do so. A Living Will provides specific end of life instructions as to what medical treatment you do and do not wish to receive. These two documents provide a roadmap for your loved ones, and for your medical team, to ensure you receive the type of medical treatment you desire. Not only do these documents give clarity to your loved ones as to what sort of treatment you would like, but they also allow them to make these decisions with full certainty as to what your wishes are. These documents allow you to maintain control of your medical decisions, even if you are unable to verbalize them.

Having a Plan Will Help You and Your Loved Ones

The best day to put a plan in place is today. Our experienced attorneys are here to guide you in creating and putting your Power of Attorney and Health Care Proxy into place. Our attorneys take the time to listen to your specific needs, explain what options most suit your needs, and draft comprehensive documents that best protect you and your loved ones. Contact our office today to schedule a consultation so that you can fully understand how these documents can help you plan for the seemingly unexpected.

Gabrielle G. Drillich, Esq.
gdrillich@beattielaw.com
(201) 799-2109