BackWhat If You Become Incapacitated?
Article submitted by Kevin M. Dunnigan. He can be reached at 970-622-2366 or through his website www.helpwithmyinvestments.com.
One way to be certain that those around you know your wishes is by putting documents in place before you become incapacitated.
Living Will
A living will is the document that communicates what kind of medical care you wish to receive. You will be able to specify the types of procedures you want to be used (or not used) to sustain your life.
Medical Power of Attorney
This document empowers a person to make decisions on your behalf regarding medical care during your incapacity. The appointed person's legal obligation is to communicate your wishes to medical personnel and to make sure they are carried out.
Financial Power of Attorney
This document empowers a person of your choosing to handle your financial affairs.
You should be careful who you choose to serve as your agent for health care and financial affairs. To avoid conflicts, it may be advisable to name one person to both posts.
The person you designate should be someone you trust and is competent to carry out your instructions. It's generally a good idea to choose someone who would be assertive enough to stand up to family members or medical personnel who might dispute your instructions.
Putting the appropriate documents in place to communicate instructions if you become unable to conduct your own affairs is usually a relatively inexpensive process - but the value to you and your loved ones could someday be immeasurable.
Investment Centers of America, Inc. (ICA) member FINRA, SIPC is not affiliated with Home State Bank. Securities and insurance products offered through ICA and affiliated insurance agencies are *not insured by the FDIC or any other Federal Government agency *not a deposit or other obligation of, or guaranteed by any bank or their affiliates *subject to risks including the possible loss or principal amount invested.
The legal information is merely an overview of our understanding and interpretation of the current laws and regulations, and is not extensive. This information is general in nature and should not be construed as legal advice. Please consult your legal advisor for guidance regarding your particular situation before making any changes. ICA does not provide legal advice.