Affairs in order?
Have you ever heard the expression, "get your affairs in order?" When you hear this, what are your initial thoughts? Is it a battle cry for getting a list of all your worldly possessions in order and sent over to your financial planner?
What if all your finances were well tended to, however your health went neglected and now your doctor tells you to get your affairs in order? Then what would you do?
Here is the thing, most people with a terminal illness are often encouraged to have a medical power of attorney in place to authorize a person of their choosing to make medical decisions according to the wishes of the grantor (the individual authorizing the power of attorney). Interestingly enough, if you don't have a medical proxy, whoever were to show up to the hospital first, whether they do or do not have the know-how, could become the person making decisions for you.
What if you do want to be resuscitated but the person that arrives first, doesn't know you want to be resuscitated and because their personal belief differs, they choose not to resuscitate you. If ever you find yourself with a harp and a white gown in a choir of angels, safe to say hindsight is 20/20 and you'll be praying to rewind the clock to do that one thing that seemed so insignificant. How about if you don't have a terminal illness; would an advanced medical directive –– power of attorney (POA) be necessary? Probably not, but a financial power of attorney may be a good idea to have in place.
As a doctor that is also a financial planner, my best recommendation would be to have a POA and not need it, than to need it and not have it. Why? It covers not only incapacitation for medical purposes, but a financial power of attorney may also be useful for incarceration when a family may need to access the account of the primary income provider who may be detained because of something they did, something they didn't do, or something they forgot; like a bench warrant for an unpaid parking ticket in a state they visited a few years ago. That would be more than just a mere inconvenience but that is why we should plan.
A Power of Attorney, whether medical or financial, gives you the power to ensure your family is protected, or that they can protect themselves with proper planning because it is not having a plan that fails, it is failing to plan that does. Cover your assets.
Prince El
Wellness Coach | DAOM | Financial Planner