June 2005 Featured Article
Taking Care of Matters When You Cannot
When considering the best ways to deal with your affairs, keep in mind that a significant number of people find themselves in circumstances in which they are not able to make effective decisions for themselves at some point during their lives. This may be the result of an injury or an illness, and may be temporary or permanent. A good plan contemplates these contingencies and makes sure there are alternative methods in place to make decisions that could affect your assets and your personal well-being.
Fortunately, there are many ways to delegate authority to trusted persons or entities to make decisions when you are incapacitated. You will want to check with your advisors about the availability and rules governing some or all of the following in your state:
POWER OF ATTORNEY—When you grant someone power of attorney, that person assumes the authority to act on your behalf according to the terms set out in the document establishing that authority. You can give someone a very specific power, such as the authority to complete a real estate transaction or transfer title to an automobile, on your behalf, or a very broad power, including the power to make charitable gifts to organizations like Clarkson University.
- The broadest type of authority is given by way of a general power of attorney. A person holding a general power of attorney will he able to do virtually anything on your behalf which you could have done on your own. As such, you would only want to grant such a power to someone in whom you had complete confidence to act in your best interests.
- Many states permit you to grant a durable power of attorney. By designating the power as durable, you are indicating that you want that authority to continue even if you become incapacitated-which generally is the reason you would want someone to have the power in the first place. Your advisors can guide you on specific rules in your state.
APPOINTMENT OF HEALTH CARE REPRESENTATIVE—It is just as important to have someone who can make decisions about your health care if you are unable to do so for yourself as it is to have someone manage your assets. Most states have procedures by which you can designate someone to serve as your health care representative to act on your behalf. Again, check with your advisors on the procedure in your state.
LIVING WILL—The ultimate decision many people face is what kind of health care measures they desire when their condition appears to be terminal. Absent effective prior guidance from the patient, health care providers generally are compelled to use all available reasonable measures to keep the patient alive. A living will allows you to specifically express your desires about the kind of care you do-or don't-want if you are in such a condition and unable to make decisions for yourself. Your advisors can inform you of the availability of a living will where you live.
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