04/01/2020
If I could stand up on a soapbox and shout it out, I would recommend that nearly everyone should have a basic estate plan and it should at least contain the following:
1. A Durable Power of Attorney
2. A Health Care Proxy with a HIPAA provision
3. A simple will.
The DPOA is important for several reasons, but among those reasons, is the ability to access financial resources, information and act on behalf of your loved one if he or she were to become incapacitated; including the ability to access records and different financial accounts.
For example, Husband/Wife with three children (two minor children and one 18 years old). In this example, the husband has a bank account that he uses to pay regular bills, his paycheck is deposited automatically. Husband is incapciated. With a DPOA you can access the account, speak freely with his bank, the payroll department about his employment, etc. Without it, you might need a court order, which can take time and money to acquire. Or, your 18 years old get stuck at school with no money or is unable to act for himself. With a DPOA, at least, you can access his records, pay his bills, etc.
The HCP with a HIPAA is important in that if you're unable to speak for yourself, who do you want to speak for you; make health decisions for you? Does your 18-year-old have an HCP with a HIPAA? If he or she doesn't it, it will be difficult to obtain medical records, and/or make medical decision for that child if the child is unable.
At a minimum you may want to fill out one of these documents online, better would be consulting with an attorney, even if it's not me. An attorney will better assess your situation and be better able to fashion the documents to fit your needs, as well as discuss and watch out for other matters that may need to be addressed.
In my career, I've seen a lot, and if I were to recommend anything with regard to estate planning it would be to have at least a simple will, a DPOA and a HCP.
