Decisions made today can have a dramatic impact upon the future. As a Georgia resident ages, it is possible that he or she will be unable to make financial and medical decisions for him or herself. As a part of care planning, establishing the proper safeguards now will help to protect one’s future and ensure that one’s desires are made known.
Financial decisions are an important part of daily life; from paying bills to selling property, each decision requires that the individual be of sound mind. Unfortunately, as one ages, the likelihood of one becoming incapacitated and thus unable to make financial decisions increases. When this happens, the individual is no longer legally able to make financial decisions for him or herself. However, with a durable power of attorney, this possibility is taken into consideration, and someone else is given the authority to make financial decisions for the individual. The durable power of attorney allows the individual to appoint this person rather than a Georgia court.
As one ages, medical decisions are also an important consideration. Some individuals want to make sure that everything possible is done to prolong life; other individuals do not wish to receive treatment if the possibility of recover does not exist. For this reason, a health care power of attorney is also a good idea. This document allows the individual to give another individual the power to make health care decisions if necessary. Rather than make these decisions arbitrarily, the individual who has granted this power of attorney also indicates his or her medical desires.
Care planning is an important part of the estate planning. If certain things are not covered in the estate plan, important decisions can be left up to the discretion of a Georgia court. An experienced estate planning attorney can help one decide which documents are appropriate for each individual.
Source: ophthalmologytimes.modernmedicine.com, “Basic estate planning protects individual and legacy”, John J. Grande, CFP; Traudy F. Grande, CFP; and John S. Grande, CFP, Oct. 26, 2017