Planning for Incapacity

If you have an accident or a serious health issue and became incapacitated, who would handle your finances or make health decisions for you? A person of any age could be faced with incapacity but as we get older, health issues often increase. It is essential to plan ahead and designate trusted persons to make decisions for you.

Powers of Attorney for finances and Health Care Directives for health care decisions are legal documents which name one or more persons to handle financial and health decisions if you cannot do so.

If you become incapacitated and do not have these important documents in place, your family may be forced to seek a court-ordered guardianship and conservatorship to make financial and healthcare decisions for you.

What is a Power of Attorney?

In Minnesota, a Power of Attorney is a document naming one or more persons to handle your finances for you. That person is called “attorney-in-fact” and can pay your bills, sell your home, make investments, and generally take care of your assets and accounts.

Be careful about who you name on your Power of Attorney. You should name one or more persons who are trustworthy and careful with their own finances. Your attorney-in-fact must act in your best interests and keep records of each transaction handled for you. Most Power of Attorney documents go into effect immediately upon being signed but would be used only if you become incapacitated.

What is a Health Care Directive?

A Health Care Directive is a document naming one or more health care agents to make your health care decisions if a physician determines you cannot make health care decisions for yourself. Your health care agents may be family members or close friends who agree to follow your wishes about your care.

In addition, your Health Care Directive may include instructions about your health care. Health Care Directives were once called Living Wills, which focused on end-of-life care. Your Health Care Directive may include end-of-life directions but can also describe your religious beliefs and your wishes about topics such as organ donation or cremation or pain medication.

Medicaid Planning

If you wish to protect your assets from being depleted by future care expenses (such as nursing home costs), you may want to learn about how the Medicaid rules apply to your situation, as well as the pros and cons of gifting and irrevocable trusts.

What is the role of your Elder Law/Estate Planning Attorney?

The Elder Law and Estate Planning attorneys at Henningson & Snoxell will customize your Power of Attorney and Health Care Directive to ensure you are protected and your wishes are carried out. Our attorneys have decades of experience guiding you through the process of planning ahead for incapacity, including gifting and planning for future Medicaid eligibility.

Contact Henningson & Snoxell at (763) 560-5700 to schedule an appointment with one of our Elder Law and Estate Planning attorneys.