 |
|
|
 |
|
You may not need a trust, an elaborate estate plan or even a will. But unless you want a stranger making important decisions for your and your family, there are some things you do need. According to an article by respected financial writer, Liz Pulliam Weston, which I have paraphrased, that recently appeared on the MSN homepage, most Americans don't have wills. With a few exceptions, quality of life for most folks would not be improved by a will. That's because the State of Arkansas already has a basic plan for distributing your stuff when you die. You're dead, so what do you care? If who got your stereo and your comic book collection wasn't important enough for you to bother with a will while you were alive, it certainly won't matter to you after you're gone. What the state doesn't have is an efficient way to take care of you if you're still breathing but unable to make your own decisions because of incapacitating illness or injury. So if you get into a car accident and die, your stuff (estate) will be distributed more or less efficiently. Get into a car accident and end up in a coma, and you could be in a world of hurt. Your critical decisions could be made by a stranger.
If Terry Shciavo had created durable powers of attorney or any other paperwork detailing how and whether she wanted life support to be used, the court battle may have been prevented, legal experts said. That's because the U.S. Supreme Court has ruled that every individual has a right to direct his or her own medical care, even if loved ones disagree with those directions. Thinking about these issues is not fun, which is probably why most people avoid it. You have to ponder some of the grimmest circumstances imaginable. Do I want to be on a respirator if I'm conscious? Do I want food and water withheld? How about pain medication? You also have to figure out whom to name as your so-called attorney in fact or proxy to help implement these decisions for you. You don't have to name the same person for both powers of attorney. Many people find that ones they trust to make health-care decisions are different from the ones they want handling their finances. Your spouse is the logical choice to fill both roles. You'll still need back-ups in case he or she is injured or killed in an accident with you. For the health-care directive, you'll probably want people who are nearby or at least willing to travel to the hospital to be with you, perhaps for an extended time. The person handling your finances may be able to do so remotely, although you may still prefer to name someone who lives relatively close for convenience sake. In addition to paying your bills and handling insurance claims, the person handling your finances may also need to sell your home or make other complicated moves that require more proximity. You can change these documents at any time, as long as you're still competent. You probably should review them about once a year to make sure you're still comfortable with your decisions. On the issue of wills: Most folks want more control over who gets their stuff than state law dictates. If you're wealthy, estate-planning documents also can help you reduce potential taxes, which can give you peace of mind while you're alive. If you fall into this category, you should contact an attorney who specializes in estate planning. That said, there is one group of people who should absolutely, without question, have a will, and that's parents of minor children. Even if you can't agree on who gets the crystal, you need to agree on who would take care of your children in the event of your death. No matter how icky you feel about them the potentially ugly and drawn-out custody battle that could ensue if you don't make these decisions now. Keep in mind that the courts are not required to follow your directives, but they will make every effort to carry out your directives. So go make that appointment with an attorney, download the forms or buy the software, right now. A small investment of your time could spare you and your loved ones a lot of grief. INSTRUCTIONS: Download the form(s) mentioned above which are in a downloadable RTF format, use your word processor to plug in the correct names and print three copies of the finished product. Sign all three copies in front of witnesses. Have your signatures notarized if called for by the document. Put one copy in a safe deposit box if you have one. Send one copy to the person you designate as your health care proxy or as your attorney. Keep one copy in a safe but accessible place in your home. If you go into the hospital, it is a good idea to take a copy of the living will and health care power of attorney with you. 
120 South Cross Street · Little Rock, AR 72201 USA 501/376-0550 · Toll Free 800/377-0764 · FAX 501/376-7447 info@clarkbyarlay.com Copyright © 1998 Clark & Byarlay. All rights reserved. Design and Hosting by Web International |