Divorce Finalized: Part 2 – Update Those Powers of Attorney!

      New potential clients routinely and casually advise that their estate plan prepared during a prior marriage has never been updated.  When I let them know that the ex-spouse may still hold the power to make decisions on their behalf, including life and death medical decisions, they quickly understand the need to revisit their estate plan.  Either as part of, or immediately after divorce, careful consideration of any estate plan needs to be a high priority.  If no estate plan exists, it is then time to invest in one.

            Any meaningful estate plan includes so much more than a will.  You should use an estate plan to address potential needs during your life as well as plan for when you pass.  Your estate plan, in addition to a will or trust structure, at a minimum, should include the following:

General Durable Power of Attorney. Upon incapacity, your designated agent or agents can manage your business affairs such as paying bills, dealing with banks and financial institutions, or even managing your social media and digital presence, all per your instructions.

Health Care Power of Attorney. Your designated health care agent(s) can make medical decisions when you cannot act. These decisions may extend to life and death decisions. All decisions are to be made according to your directives.

Living Will. If your circumstances present as terminable and irreversible, and you have no chance of recovery, and you have no anticipated meaningful quality of life, your Living Will directs the medical community to allow nature to take its course with your body. Your attending physician must make these determinations.

HIPPA Authorization. A HIPPA Authorization allows medical professionals to discuss your condition with those you so authorize. Those identified individuals do not make medical decisions on your behalf under the HIPPA Authorization – they simply receive information about your condition. Your HIPPA Authorization should also allow a designated representative to access your medical records after you pass.

            These documents serve as your protection if you are not able to express your wishes during your life.  Once established, there is no need to go to court.  There is no delay.  And, make certain that these documents reflect your choice of those to act as your agents (and most probably not your ex-spouse!) if ever called upon.

To learn more about comprehensive estate plans, contact Michael Geiger at Geiger Law.  Michael’s direct line is (901) 219-5549.