Everyone can benefit from estate planning, although different factors may apply to different people depending on their circumstances. When attempting to build an estate plan that is unique to your situation, this can frequently make it appear more difficult and stressful. TrulyWill, a leading online Estate Planning service, wants to make this process easier, which is why in this article we will provide you tips on creating an Estate Plan for people with health concerns.
When writing an estate plan, there will be particular issues that persons with health issues should take into consideration.
Consider making an Advance healthcare directive
When a person chooses to make a Living Will, along with the Medical/Healthcare Power of Attorney (POA), these two legal documents become an Advance Directive.
The Living Will, which is used in conjunction with a Healthcare Power of Attorney, specifies the comprehensive end-of-life care that the testator (the person who created the Advance Directive) would get and grants another person the power to act on their behalf.
When you are able to make decisions about your health and medical care, you should create an advance directive since it will give you hope in case of an emergency.
The original copy of the Advance Directive must be kept by the grantor at home in a safe place after it has been completed and state regulations have been met. Next, he/she should give copies to his healthcare agents or proxies, physician or other healthcare professionals, as well as family members, friends, and close relatives.
Sign HIPAA release form
HIPAA (Health Insurance Portability and Accountability Act) is a Public law that aims to protect and do public welfare. As the Right to privacy is one of the fundamental rights, HIPAA ensures that people must get full insurance coverage along with privacy and security of their information to protect them from any abuse and fraud.
The HIPAA release form is signed consent obtained from a patient by a covered entity or their business associate before sharing information with a third party for any reason other than treatment, standard healthcare operations, or payment.
Appoint a Guardian for your minor children
Parents are the natural guardian of a minor. However, the last surviving parent can appoint a guardian in their last will for their minors, known as a “Testamentary Guardian”.
A Testamentary guardian of a minor is a person who has the authority and duties of a parent with regard to the support, custody, education, health, and welfare of the child.
Those with health issues should make sure to name a legal Guardian because there won't be a spouse to care for the kids if you can no longer. You should give great thought to who you nominate and who you entrust with the care of your children. Before submitting a nomination, you should speak with the person you have chosen and explain your decision to him or her. Understand that some people in your life might not feel comfortable taking on such a large responsibility, and you should respect that.Guardian can be appointed for minor children by creating a Last Will and Testament.
Appoint a Financial Power of Attorney
A Financial Power of Attorney is a legal instrument that designates the person you want to manage your finances in the event that you are unable to do so due to illness or other unforeseen circumstances.
Especially for individuals who have health difficulties, this may be something that needs to be taken care of right away. Many problems can be addressed when you have someone to look after your finances and keep them safe, especially if you're dealing with health issues. No matter what circumstance you may encounter, having a Financial Power of Attorney ensures that you retain authority over your financial affairs.
