The Major Question for Parents of College-Aged Children
If your child over age 18 got into a serious accident and ended up in the hospital, unable to speak, would you as the parent have the authority to make the medical decisions for their care or would the doctors be required to follow the laws of your state?
Answer: Without the proper paperwork, in advance, doctors would be required to follow your state's laws! Your child's condition would also be withheld from you unless you have a HIPAA Authorization signed by your child, in advance.
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What are the 3 types of advanced planning that every parent should have in place for the protection of their family's future?
Will
A will is a legal document that outlines a person's wishes for the distribution of their assets and property after their death. It is a written statement that details how a person wants their property and possessions to be divided among their beneficiaries or heirs. A will can also include instructions for the care of any dependents, such as children or pets, and can appoint guardians or trustees to manage assets for minors or those with special needs. In order for a will to be legally binding, it must meet certain requirements, such as being signed and witnessed in accordance with local laws.
Living Trust
A living trust is a legal document that allows an individual to transfer the ownership of their assets and property into a trust during their lifetime. One of the main benefits of a living trust is that it allows for the avoidance of probate, which is the legal process of distributing a person's assets after their death. Additionally, a living trust can provide privacy for the grantor and their beneficiaries since it does not become a matter of public record like a will does.
Special Needs Trust
A special needs trust (SNT) can be used for individuals with various types of disabilities, whether they are physical, mental, or developmental in nature. The primary goal of an SNT is to provide supplemental financial support for a person with special needs without jeopardizing their eligibility for means-tested government benefits, such as Supplemental Security Income (SSI) and Medicaid.
Advanced Healthcare Directives
A living will, along with the medical power of attorney, are legal documents that allow individuals to specify their preferences for medical treatment and end-of-life care in the event they become incapacitated and unable to communicate their wishes.
Having a living will can give individuals and their families peace of mind, as it helps to ensure that their wishes are followed even if they cannot communicate them themselves. It can also help to alleviate any potential conflicts or misunderstandings among family members or healthcare providers about the person's wishes for their medical care.
Why are these documents important?
Each document serves a different purpose but all are essential to ensure that an individual's wishes are respected and their assets are distributed according to their desires.
A Will
A will is a legal document that outlines an individual's wishes regarding the distribution of their assets after they pass away. It allows individuals to name an executor who will manage the distribution of their assets, and also enables them to name guardians for their minor children. Without a will, an individual's assets may be distributed according to state law, which may not align with their wishes.
A Living Trust
Having a living trust can help to avoid probate costs, provide privacy, ensure that assets are distributed according to the individual's wishes, and prevent court intervention in the management of assets. The probate process can be time-consuming, complex, and expensive and can also delay the distribution of assets to beneficiaries, which can cause financial hardship for those who were relying on those assets. The probate process is a matter of public record, so anyone can access information about the individual's assets and how they are being distributed.
Advanced Healthcare Directives
Having advanced healthcare directives such as a living and medical power of attorney, can help to ensure that an individual's wishes for medical treatment and end-of-life care are followed, prevent family disputes, reduce financial costs, and provide peace of mind to both the individual and their loved ones.
Here's what a prominent medical doctor from Harvard said about having your important paperwork in order before being admitted to the hospital:
"If you have not translated your values, your wishes, the core of who you are into some sort of medical plan, unfortunately what I will do is, often times, provide marginal benefit, cause great suffering to you and your family, and, frankly, only postpone your death." -Dr. Angela Davis J.D. M.D, Harvard Medical School