Page 46 - Senior Link Magazine Fall 2024 - Online Magazine

SENIOR RESOURCES SENIOR RESOURCES

TWo Tools You need for

Effective Estate Planning

by Lee Franks

f asked to define estate planning, own children from being placed in a the document may grant very broad
most people might suggest that similar position one day. powers. The law requires the agent to
Ithe phrase has to do with who gets act in the best interests of the principal
your stuff when you die. Although Two basic documents that can assist and restrains the agent’s ability to
correct, estate planning also involves caregivers are the medical power of profit from the relationship.
planning for life – particularly for life attorney and a financial power of
beyond normal, functional capacity. attorney. Effective medical and financial powers
of attorney can greatly simplify caring
A fifty-nine-year-old business office In granting a medical power of for an aged or ailing loved one. Estate
manager, mother, and grandmother attorney, a person authorizes an agent planning involves more than divvying
struggles to give her employer a full to make their health care decisions. up what remains of someone’s
forty hours each week, to attend one Typically, the document names one or belongings. Good estate planning
school event for each grandchild more alternates and states where the contemplates life as well as death, and
monthly, to provide her husband original is kept and where copies may it includes smoothing out procedures
with the companionship he deserves, be found. While you can require two for the very people who made that life
and to care for her father who is or more agents to act jointly, it is not worth living – those who provide care
battling dementia. She has tried to advisable to do so. and comfort during one’s final years.
make some long-term decisions for After executing a
him and to get his affairs in order. His medical power of
financial judgment failed a long time
before anyone realized something attorney, copies
was wrong, but the bank tells her she of the document
should be furnished
has no authority to act for him. Just to the agents and
as worrying, the customer service
representative at his health insurance institutions who will
company is only authorized to speak likely need it. Give
copies to your health
with her father, who is unable to care providers and
handle that call in the professional
way he once would have. contact your local
hospital or clinic
These are common conflicts in which about getting the
the caregiver finds him or herself. document on file.
Commonly, the eldest or the nearest
adult child ends up in the caregiving In granting a
role by default. In other words, no one financial power
of attorney, an
planned for things to happen as they individual gives
did; the situation just evolved.
another person
When the caregiver lacks effective the authority to
legal tools to do the job, caring for conduct business
an aging or ailing loved one can on their behalf.
overwhelm financial and emotional The document may
resources. Those who accept the call limit the authority
to provide care may wonder why they to specified
did so and also how to prevent their transactions, or

46 Lubbock Senior Link