Articles from Mair Law Offices

Still worried about the cost of an estate plan? You shouldn’t be. A Will, Durable Power of Attorney and Health Care Proxy for a husband and wife can be prepared very affordably. The need for a Will was addressed in my last article. This article covers the importance of having a Durable Power of Attorney and Health Care Proxy.

Do you own a house? Have a bank account? Investment account? Credit Cards? A Durable Power of Attorney (DPA) can help if you suffer a mental or physical disability. If no one is ready to look after your financial affairs when you can’t, your property may be wasted, abused or lost.

A DPA allows you to authorize someone else to act on your behalf, so he or she can do things like pay everyday expenses, collect benefits, watch over your investments and file taxes. The powers that your agent has are specifically listed in the DPA. Typically, a spouse is named as the agent with one or more successor agents in case the spouse is unable act.

A DPA can take effect immediately or after you become incapacitated. You may think that if you are travelling or have an unexpected illness, your spouse can call your investment broker or go to the bank on your behalf. This is not the case unless you have joint accounts. Without the DPA, your spouse may not have the authority to manage your finances while you are unable.

A Health Care Proxy informs others what medical treatment you would want, or allows someone to make medical decisions for you, if you are unable to express your wishes yourself. Think of it as a DPA designed specifically to cover medical treatment. If you don’t have a Health Care Proxy, medical providers must prolong your life using artificial means.

A Health Care Proxy allows you to (i) approve or decline certain types of medical care, even if you may die as a result of that choice, and (ii) appoint a representative to make medical decisions for you when you cannot. Like the DPA, you decide how much power your representative will or will not have.

Normally, one person is appointed as your representative. Co-representatives can lead to lack of agreement at critical times. It is common to appoint one or more successors in the event your first choice is unavailable. Medical professionals will make the initial determination as to whether you have the capacity to make medical treatment decisions. Having a Health Care Proxy can help ensure that you receive the treatment you desire and reduce family conflicts over who makes your medical decisions when you cannot.

Retaining a qualified attorney can help make the estate planning process go smoothly. If you’re interested in reading about other legal or other estate planning topics or have questions that you can’t find answers to just let me know! You’re also invited to schedule a free consultation. You can also email glen@gmairlaw.com or call 508.250.0797. www.gmairlaw.com

This article is intended to inform you of developments in the law and to provide information of general interest. It is not intended to constitute legal advice regarding a client’s specific legal issues and should not be relied upon as such. This article may be considered advertising under the rules of the Massachusetts Supreme Judicial Court.