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Orange County lawyer article review: Tragedy can strike at any moment, a Power of Attorney can protect your assets and document what you want to have done in case of emergency.
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Plans Aren't Wine, And They Don't Always Age Well
by Molly Shomer
The following crossed my desk recently. The author gave me permission to share
her story:
"Please alert people to something we're experiencing right now - having to clean
up the mess of someone not naming more than one person as beneficiary on a life
insurance policy. We are having an impossible time trying to get the funeral
expenses paid for my sister and my mother. They died within four days of each
other, and they left each other as beneficiary of their life insurance policies.
'If the person listed as a beneficiary dies, the insurance benefit goes into
their estate.
'The problem is, neither of them had a will, either."
(Aside: This means that both estates, the mother's and the daughter's, will have
to be probated by the Court, and the Court will decide who gets what. The
process can be lengthy, and it can be expensive. The family might not see the
funeral money for a while.)
"Also, please alert people to be sure that the person they choose to be their
medical decision maker - the person who has Medical
Power of Attorney - is
willing to do what they would want done. Review the mental capacity of the
appointed person regularly.
'My 85 year old Mother couldn't bring herself to honor my sister's Living Will
that said she wanted to be allowed to go. The doctor wouldn't write a letter
stating Mother wasn't capable of making these decisions for my sister, who was
in a coma.
'So, my sister was put on life support, even though there was no hope that she
would ever awaken or live a productive life. She lingered for months on a
ventilator.
'My family and I wish we had thought about all these things sooner. We are
taking a closer look at our own papers now."
She is soooo right.
Life insurance is something we all tend to forget about. When you started that
new job, you made out your employer's
insurance beneficiary
papers on the first
day. Have you thought about them since?
Injured people with lawyers receive 3.7 times more than injured people without lawyers.
Insurance Research Council National Survey of auto injury claims
What about your Medical and
Financial Powers of Attorney (you do have them,
don't you?). If you've designated your spouse on one or both, what happens if
you're in an accident together? Is there a second person named who can step in?
If you made arrangements for your children when they were babies, are there
things you should change now that they're older? Now that several years have gone
by, would you still appoint the same people to care for your children in the
event of a catastrophe?
Do you have a will? If not, some stranger in a black robe is going to be making
decisions for you one day.
What about your parents? If one of them has passed away, has the survivor made
the necessary changes to legal documents?
If one parent is in poor health or getting confused, is he or she still the only
one legally appointed to make decisions for the other?
This doesn't really have anything to do with your age. Everyone over the age of
18 should give some thought to these questions, and then take action. Should you
do something about it right now, before something goes tragically wrong?
You Betcha!
© 2004 Molly Shomer, All Rights Reserved.
You are free to use this article as long as you include complete attribution,
including live web site link and email link. Please notify me where the material
will appear. The attribution should read:
"Molly Shomer helps when you're struggling with eldercare. Find articles,
resources, tools and support at http://www.eldercareteam.com
molly@eldercareteam.com
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