Planning
Thinking about end-of-life decisions can be difficult, but having a plan in place ensures your wishes are respected and eases the burden on your loved ones. Including medical and end-of-life instructions as part of your estate planning is just as important as managing your financial assets. It ensures that your values and preferences are honored when you can no longer advocate for yourself. In this section, we’ll cover the key decisions you should make and document, such as healthcare directives, living wills, and the appointment of trusted individuals to make decisions on your behalf.
1. Healthcare Directives and Living Wills
A healthcare directive or living will is a legal document that outlines your medical and end-of-life care preferences. This document allows you to specify the kind of treatment you wish to receive if you become incapacitated and can no longer communicate your decisions.
Considerations:
Life-sustaining treatments: Would you want doctors to use life support, such as mechanical ventilation, feeding tubes, or other interventions if you’re in a coma or terminal condition?
Pain management: Do you want to prioritize comfort and pain relief, even if it might hasten your passing?
Resuscitation: Would you want to be resuscitated if your heart stops (CPR), or would you prefer a Do Not Resuscitate (DNR) order?
Why it’s important: Clearly stating your wishes in a living will ensures that your medical care aligns with your values, sparing your loved ones from having to make emotionally charged decisions in moments of crisis.
Scenario: You may decide that you want all life-sustaining treatments withheld if you are in a permanent vegetative state, but you want full medical efforts to be made in the event of a reversible condition or treatable illness.
2. Durable Power of Attorney
A durable power of attorney (DPOA) is a legal document that grants a trusted individual the authority to make financial and legal decisions on your behalf if you become incapacitated. This role ensures that someone you trust is managing your affairs and protecting your assets when you can’t.
Considerations:
Who to choose: Select someone who is financially responsible, organized, and trustworthy to make important decisions about your finances, such as paying bills, managing investments, and handling any legal matters.
Authority limits: You can specify whether your DPOA has broad or limited authority. Should they manage all of your financial affairs, or only specific tasks (e.g., selling property or filing taxes)?
Why it’s important: By appointing a durable power of attorney, you ensure that your finances and assets are properly managed without the need for a court-appointed guardian.
Consideration: You may select a financially savvy sibling or adult child to act as your DPOA, ensuring your bills, investments, and business interests are managed effectively while you’re unable to do so.
3. Medical Power of Attorney
A medical power of attorney (MPOA) is the individual you designate to make healthcare decisions on your behalf if you are unable to communicate your wishes. This person acts as your advocate and ensures that medical providers follow the instructions laid out in your healthcare directive or living will.
Considerations:
Who to choose: Your medical power of attorney should be someone who understands your medical and personal values and is willing to carry out your end-of-life wishes, even in emotionally challenging situations.
Communication with healthcare providers: The person you choose should feel comfortable asking questions, making difficult decisions, and communicating with doctors and medical staff.
Why it’s important: Designating an MPOA ensures that someone you trust is making critical healthcare decisions based on your values and preferences. You might choose a spouse or close friend as your MPOA, as they are likely to know your preferences and be present during medical emergencies.
4. Contingency Planning for Changes
Life circumstances may change, and so may your preferences. Consider:
Periodic review: Every few years, revisit your healthcare directives and powers of attorney to ensure they reflect your current preferences and that the individuals you’ve chosen are still the right fit.
Successor appointments: If your primary DPOA or MPOA can’t serve, who will step in as a backup? Ensure that you designate a successor who is prepared to fulfill these roles.