COVID-19 Coronavirus Underscores Importance of Estate Planning Tools: Durable Power of Attorney & Patient Advocate
Across the board, the Coronavirus is a stark reminder to ask yourself – Are you Prepared?
Michigan Governor Gretchen Whitmer has declared a State of Emergency in response to the first Covid-19 Coronavirus cases in the State of Michigan.
Some advice you’ve heard is worth repeating – wash those hands, don’t touch your face, and stay home if you are feeling sick.
Keeping you and your loved ones healthy is a first priority.
But beyond that, have you taken any steps to protect your ability to make important decisions for yourself and your family?
Have you ensured that your financial and medical affairs can be taken care of in case of an unexpected life emergency such as the current coronavirus pandemic?
Don’t take this the wrong way – I hope you and your family stay healthy and safe, but in the event you or a loved one gets sick and needs to go to the hospital or self-quarantine, it is critical that you have a plan in place that addresses certain medical and financial matters.
This shouldn’t be news - estate planning is and has always been a very important aspect of personal, family, and asset protection. It just isn’t on the top of your mind, and it often gets no priority because no one likes to think about hard things.
Most people fail to realize that arguably the most important part of estate planning is not what happens when you pass away – but rather – what happens when you are alive but unable to act because of incapacity, disability, or as has become more and more apparent these days - quarantine.
If you are self-quarantined in your home, is someone legally in place to act on your behalf? Have you appointed a Durable Power of Attorney authorized to take necessary steps to ensure your financial affairs remain in good standing? Someone who can go to the bank and ensure your mortgage is paid, can deal with third parties, and take care of business so your family is protected?
God forbid you are quarantined at the hospital, do you have a Patient Advocate entrusted to make your medical decisions in case things take a turn for the worst? Someone to ensure you receive proper medical attention and can make the tough decisions about what treatment is right for you? A Patient Advocate is essentially a Power of Attorney for healthcare decisions.
Federal laws can even prevent close family from being on the receiving end of your medical updates unless you’ve authorized them ahead of time through a HIPPA Authorization.
The bottom line is that if you don’t have a comprehensive estate plan that addresses these issues, then your family, friends, and loved ones will be forced to petition the Courts before they can make these decisions for you.
To be certain, none of this is here to scare you. It is to simply present reality as it is, as it has been, and to underscore the importance of ensuring you have an up to date estate plan.
If you don’t already have an estate plan in place, perhaps now is a good time to put it closer to the top of your to-do list. At the very least, having a Durable Power of Attorney and Patient Directive should be a no-brainier.
For those of you already with an Estate Plan, you are not in the clear:
Review your Estate Plan fully and carefully. Has anything changed in the make-up of your family or finances? Make sure it still accurately reflects your wishes and situation. It’s recommended that at a minimum, your estate plan is reviewed every 3 years.
Make sure your Durable Power of Attorney is up to date and has not gone stale. Some banks and institutions won’t accept a Durable Power of Attorney that is more than a year or two old. You never know if and when you might be quarantined or fall ill. You may need your power of attorney to step in and take financial action on your behalf to pay your mortgage, sell property, access your bank accounts, or perform any other task that you are unable to take that your family otherwise depends on.
Even more importantly, make sure your designated Patient Advocate is still the right person for the job. Your Patient Advocate makes your medical decisions and ensures that your wishes are followed in the instance you lose capacity.
It is also important to make sure your Personal Representative or Successor Trustee is able to serve and is still the best person to help you.
Re-evaluate the person you name to be Guardian of your minor children.
It is also helpful to review your beneficiary designations and, if you have a trust, make sure your assets are owned by your trust.
And if anyone named in your documents has predeceased you, it is time for a revision.
There is so much of this world that you cannot control. Through the use of estate planning tools, take control of something that will bring you peace of mind.
Please get in touch if you are ready to get this handled and would like our help. And if you would prefer to handle these matters without the hassle of coming into our office, please note our firm is set up to assist you remotely. This means we can handle most things over phone and email.
To get started, schedule a free Family Assessment & Strategy Session by clicking below.
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The CDC has provided guidance for preventing the spread of COVID-19 in communities including businesses, community- and faith-based organizations, and childcare organizations and schools.
COVID-19 does not target people from specific populations, ethnicities or racial background. Suspected discrimination can be reported to the Michigan Department of Civil Rights.
Review CDC.gov/Travel for destinations with risk of community spread of COVID-19.
World Health Organization Information on the Coronavirus: https://www.who.int/health-topics/coronavirus
Michigan Covid-19 Coronavirus Disease Information: https://www.michigan.gov/Coronavirus