The First Step into Adulthood: Selecting the Right Decision-Makers
Becoming an adult brings both freedom and responsibility. For the first time, you are empowered to make major decisions on your own, without the need to consult your parents or guardians. While this newfound independence can feel liberating, it can also be overwhelming. As an adult, you're in charge of your life, and if you're unable to make decisions for yourself, there won’t be anyone to step in automatically—not even your parents. It's essential to legally appoint decision-makers to handle your medical, financial, and legal matters. As you begin your journey into adulthood, consider these two crucial questions to ensure you're protected if someone else needs to make decisions for you.
How Will Your Medical Decisions Be Made?
Medical decisions are often the most personal choices a person can make. You can appoint an agent (often called a patient advocate in some states) to make these decisions for you in certain situations. This person is legally designated through a medical power of attorney. If you're unable to communicate or make medical decisions—such as when you're under anesthesia—someone needs to step in to ensure decisions are made swiftly. Communication doesn't just mean speaking; even if you can only blink to communicate yes or no, you may still retain control over your medical decisions.
In addition to a medical power of attorney, two other tools can help in the medical field. First, an advance directive or living will (if allowed in your state) records your wishes regarding end-of-life care, such as whether you want life support if you’re in a vegetative state or have a terminal illness with no chance of recovery. Second, a HIPAA authorization form lets trusted individuals access your medical information (like picking up test results or receiving updates). However, a HIPAA authorization doesn't give decision-making authority—only a patient advocate, appointed in your medical power of attorney, can do that. Ensuring your chosen patient advocate has access to this information can help reduce potential conflicts with your loved ones.
It's also important to have backups for your patient advocate in case your primary choice is unable or unwilling to make decisions for you. When selecting someone, choose someone you trust to follow your wishes, as they will be responsible for making life-altering decisions. Medical treatment and end-of-life choices are highly personal, and it's crucial that your decision-maker understands and respects your preferences. Lastly, because medical emergencies can arise suddenly, it's essential that your patient advocate can act quickly when needed.
How Will Your Financial and Legal Affairs Be Managed If You Can't Act?
As an adult, you're responsible for managing all aspects of your life, from signing checks to entering into contracts and paying bills. But if you're unable to manage your financial or legal matters—whether due to an accident or being out of town—someone may need to take over to ensure everything continues smoothly. Without your prior consent or a court order, no one, not even your parents, can step in on your behalf.
To manage these matters, you need to appoint an agent through a financial power of attorney. This trusted person will handle your financial decisions, such as withdrawing funds from your bank account or purchasing life insurance. The scope of their authority depends on the type of financial power of attorney you create. You can limit their authority to specific matters (limited financial power of attorney) or grant them broad authority to handle almost any financial decision you could make (general financial power of attorney). You can also determine when your agent’s powers will take effect, either immediately or once you are deemed incapable of managing your affairs. Be sure to make your power of attorney durable, so it remains in effect if you become incapacitated.
Appointing a financial agent is crucial to your protection. Just like with a medical power of attorney, you should have backups in case your primary agent cannot serve. Given that this person will be handling your finances and signing documents on your behalf, it’s vital to choose someone you trust. While they don't necessarily need to live near you, they should have the time and ability to carry out the necessary tasks and responsibilities.
We're Here to Help
We understand that you're beginning an exciting new chapter of your life, and with it, the responsibility to make decisions that could have lasting impacts. Let us assist you in crafting a personalized estate plan that ensures you are protected, no matter what the future holds. Contact us today to schedule a consultation.