We can’t predict tragedy, but we can prepare for unforeseen events in life. At any moment, we can find ourselves in terrible circumstances requiring medical attention, or even facing a planned medical procedure. In these situations, it is important to have your legal affairs in order to protect your loved ones and your assets. As a Maryland estate planning law firm, we often see clients who are unaware of the necessary legal steps they should take before undergoing a medical procedure. In this article, we will discuss the essential legal steps you should consider ensuring your peace of mind and the well-being of your family.
An Advance Medical Directive (AMD) is a legal document that allows you to state your preferences regarding medical treatments and end-of-life care in case you become incapacitated and cannot communicate your wishes. In Maryland, an AMD typically includes two parts: a Living Will and a Health Care Power of Attorney.
A Financial Power of Attorney (FPOA) is a document that allows you to appoint an individual, known as your "agent," to manage your financial affairs if you become incapacitated. This can include paying bills, managing investments, and even selling property on your behalf. Having a FPOA in place ensures that your financial matters are handled smoothly and responsibly during your period of incapacity.
Before undergoing a medical procedure, it is crucial to review and update your existing will or trust. Make sure that your assets are distributed according to your wishes and that you have named appropriate guardians for any minor or disabled children. If you do not have a will or trust in place, it is essential to create one to prevent potential disputes and ensure the smooth distribution of your assets upon your passing.
The Health Insurance Portability and Accountability Act (HIPAA) protects your medical records and personal health information, but it can also frustrate your health care decision maker’s efforts to handle your affairs. To grant your loved one’s access to your medical records in case they need to make medical decisions on your behalf, you should sign a HIPAA authorization form. This will allow your health care providers to share your medical information with the designated individuals.
Lastly, make sure to review and update the beneficiary designations on your life insurance policies, retirement accounts, annuities and any other financial assets that have a “pay on death” feature. This is especially important if you have experienced a significant life event, such as marriage, divorce, or the birth of a child. Keeping your beneficiary designations up to date will ensure that your assets are distributed according to your current wishes.
Taking these legal steps before undergoing a medical procedure can provide you and your loved ones with peace of mind during a difficult time. Consult with an experienced estate planning attorney in Maryland to create or update your estate plan and ensure that your wishes are carried out in case of incapacity or death.
