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Money Matters for Seniors
Estate Planning: Assuring Your Wishes are Honored
Living will, medical power of attorney crucial estate planning steps
By
Robert Valentine,
TheMoneyAlert.com
October 29, 2006 - Theresa was only 26 years old
when she went into cardiac arrest. She fell down in the hallway of her
apartment and was rushed to the hospital. She quickly lapsed into a
coma, and then spent 15 years of her life in what doctors diagnosed as
an irreversible persistent vegetative state.
During that time she was unable to make any medical
decisions. Her husband believed she did not want to continue in her
current state and asked that her feeding tube be removed. Her parents
disagreed.
The legal battles that followed made history, and
debates raged across the United States. By then, she was known to the
world as Terri Schiavo, a name that conjures up images of legal battles
and protests, instead of the life she lived.
There are two basic steps you can take in an
attempt to prevent occurrences like these. No one likes thinking about
the worst, let alone planning for it. But if Terri Schiavos situation
has taught us anything, its that planning for such events not only
saves your family a great deal of potential heartache, it puts the focus
where it belongs: on your life and your wishes.
A living will is the first step to making sure
youre prepared in case of a medical emergency where you cannot make
decisions for yourself. A living will simply spells out in detail
exactly what kind of medical procedures you do or do not want performed
on you. It also indicates whether or not you wish to be resuscitated and
what your wishes are regarding a variety of other medical conditions,
including comatose and a persistent vegetative state.
Whenever you make these decisions, its important
to make sure you consult with your family to include them. That way,
its completely clear what your wishes are. Its also important to
include a financial professional in your complete estate planning
process, to make sure you arent missing crucial information or steps.
Your living will generally deals with a variety of
medical procedures and can get as complex or as general as you wish. The
more complex you make it, the more your wishes are known. This is
crucial, so that it is clear what you want. A small amount of
contemplation can go a long way to save your family and friends from
heartache and legal battles over what may seem like minor medical
details.
The second part of making sure your wishes are
known is naming a medical power of attorney. A medical power of attorney
goes by many names, including health care proxy and advance directive.
They all describe the same basic principle. By naming a medical power of
attorney, youre simply designating someone to act as the sole decision
maker in your absence. Most frequently, a spouse is named to this
position, although its usually wise to name someone else in reserve in
case your spouse is incapacitated as well.
Drafting a living will and appointing a medical
power of attorney are only two of the many ways to be prepared. Sitting
down and preparing a complete estate plan with a financial professional
and an estate planning attorney, is the only way youre more likely to
have your wishes honored from all sides, both financial and medical.
Robert Valentine is a well-known expert in the
matters concerning investors. His articles on financial planning
matters that concern investors have been published in SeniorJournal.com
for over three years and by several
publications throughout the United States. You may visit his website,
www.themoneyalert.com to view some of his most popular articles.
Robert Valentine is a well-known expert in
the matters concerning investors is a regular contributor to
SeniorJournal.com. His articles on financial planning
matters that concern investors have also been published by several
publications throughout the United States. You may visit his website,
www.themoneyalert.com to view some of his most popular articles.
Note: This article was submitted by Robert
Valentine of Financial and Retirement Management. Robert (CA Insurance
Lic #0C23496) is a Registered Representative of and offers securities
through Securities America, Inc., a Registered Broker/Dealer, Member
NASD/SIPC. Advisory services offered through Financial and Retirement
Management, a Registered Investment Advisory firm. Several of his articles on
financial planning matters that concern investors have been published.
Robert can be reached at (877) 732-2637.
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