Few people want to think about the worst-case scenarios of life. But preparing can reduce the stress you and your loved ones experience during a crisis. Having your affairs in order in the event of a health crisis or death is one step in preparing for life’s unknowns.
Getting your affairs in order can be overwhelming if you don’t know where to start. At New York Financial Organizers, we recommend you start with three critical documents. These documents, a power of attorney, a living will, and a healthcare proxy, cover many of the important elements of your life.
Power of Attorney
A power of attorney authorizes someone to represent you in private matters, business, and other legal affairs. If you are unable to make decisions, due to a health crisis or death, that person can step in and do so for you.
Living Will
A living will is also known as an advance directive. This document specifies what health care actions to take if you can no longer make decisions. A living will is used in making decisions that will prolong your life or when not receiving treatment could lead to your death. A Do-not-resuscitate order (DNR) is a common advance directive.
Health Care Proxy
These are sometimes referred to as durable medical power of attorneys. A health care proxy appoints someone who will make health care decisions if you are unable to express your preferences. This person can communicate with the doctors, hospital, and loved ones.
You can download free templates for all three of these documents. But we recommend having an attorney familiar with the laws in your state prepare them.
Remember, you must know where these documents are. It’s also critical that you communicate with your family members where they can locate them.
While it is difficult to deal with, having these papers in order will help your loved ones manage your care. It will also remove unnecessary stress from their lives during a trying time.
As Financial Organizers, NYFO does not take the place of professionals in the legal, accounting, investment, or social service fields. Our services complement the work of other professionals by facilitating the completion of day-to-day tasks rather than determining long-term plans. So don’t hesitate to contact us at any time about all matters relating to Financial Organization.