There are seven major types of incapacity planning arrangements that are important to discuss here. The following is an overview of the seven incapacity-planning tools and a concise definition of what they are:
First, the Durable Power of Attorney is a written authorization to represent or act on another's behalf. This document is primarily used for financial matters.
Second, the Trust, which can be
irrevocable, is a legal entity where property is held by one party for the benefit of another. You can also create the trust inter vivos (during your lifetime, often called the living trust), or testamentary (after death).
Third, the Designation of Health Care Surrogate is a legal document that specifies who will be appointed to make health care decisions for you if you become unable to make them for yourself.
Fourth, the Pre-Need Nomination of Guardian is a legal document, pursuant to Section 744.3045 of the Florida Statutes, which specifies your preference for a guardian of both your person and your property if you should become incompetent to manage your own affairs. You may also have a Pre-Need Nomination of Guardian for your minor children as well.
Fifth, the Living Will is a legal document that specifies whether you will allow life prolonging procedures upon your incapacity due to an accident or illness.
Sixth, the Last Will and Testament is a legal document which specifies who will receive your assets upon your death.
Finally, the HIPAA Authorization allows designated individuals to have access to your medical records and medical information, when necessary.
Stay tuned to our Blog as upcoming blog postings will review each of these tools in depth.