In the first part of this series, I discussed the first two estate planning tools all unmarried couples should have in place. Here, we’ll look at the final two must-have planning tools. Read Part 1 HERE.
Most people tend to view estate planning
as something only married couples need to worry about. However, estate planning
can be even more critical for those
in committed relationships who are unmarried.
Last week, I discussed wills, trusts, and durable power of attorney. Here, we’ll look at two more must-have estate planning tools, both of which are designed to protect your choices about the type of medical treatment you’d want if tragedy should strike.
3. Medical power of attorney
In addition to naming someone to manage your finances in the event of your incapacity, you also need to name someone who can make health-care decisions for you. If you want your partner to have any say in how your health care is handled during your incapacity, you should name your partner as medical power of attorney.
This gives your partner the ability to make health-care decisions for you if you’re incapacitated and unable to make them for yourself. This is particularly important if you’re unmarried, seeing that your family could leave your partner totally out of the medical decision-making process, and even deny him or her the right to visit you in the hospital.
Don’t forget to provide your partner with a HIPAA authorization, too, so he or she will have access to your medical records to make educated decisions about your care.
4. Living will
While medical power of attorney names who can make health-care decisions in the event of your incapacity, a living will explains how your care should be handled, particularly at the end of life. If you want your partner to have control over how your end-of-life care is managed, you should name them as your agent in a living will.
A living will explains how you’d like important medical decisions made, including if and when you want life support removed, whether you would want hydration and nutrition, and even what kind of food you want and who can visit you.
Without a valid living will, doctors will most likely rely entirely on the decisions of your family or the named medical power of attorney holder when determining what course of treatment to pursue. Without a living will, those choices may not be the choices you—or your partner—would want.
We can help
If you’re involved in a committed relationship—married or not—or you just want to make sure that the people you choose are making your most important life-and-death decisions, we can support you in getting these essential estate planning tools in place.
Dedicated to empowering your family, building your wealth and defining your legacy,