What’s The Advantage Of Preplanning?
Whether you’re making a grocery list or opening a business, planning really helps. At some point in your life, you may have to deal with a serious health-related crisis. Read the scenarios below to learn how preplanning will beat an emergency response.
Scenario #1: Preplanning
Robert’s great-aunt Matilda has been a joy to the family for years. Although she’s 88 years old, she is very independent and able to take care of herself with minimal help. Unfortunately, she becomes critically ill and lands in the hospital for an extended stay. In addition to her current treatment, she’s going to need long-term care when she is released.
Fortunately, Aunt Matilda had consulted with an estate planning attorney, prepared her estate plans, and kept them updated through the years. Her durable power of attorney appointed Robert to represent her in financial and legal matters. A health care power of attorney authorized Toby, Robert’s brother, to make medical decisions for her. He could confidently follow the terms of the power of attorney, in part because she had shared her beliefs with him. Her care proceeded efficiently, and her family felt happy she was get the right treatment. Robert’s family did not have to file for guardianship or conservatorship. Aunt Matilda had even taken steps to pay for long-term care.
Scenario #2: Emergency Response
Margo’s grandfather, Oscar, is 75 years young and in great health for his age. He lives in his own home, still runs the family business, and handles his daily activities well. One day, however, he collapses and is taken to the emergency room. Margo and her family learn that he needs long-term care, in addition to critical care. They must instantly decide what to do.
Grandpa Oscar, unfortunately, did not have any kind of estate planning. A Last Will and Testament wouldn’t have helped with his crisis, but there are other estate planning documents that would have. Through a durable power of attorney, someone would have been authorized to represent him and act on his behalf. Without a business succession plan, his company faltered. Because he failed to sign a healthcare power of attorney or living will, his doctors spent precious time trying to figure out who could make decisions about his care. Ultimately, Margo’s family had to hire an attorney and file guardianship and conservatorship proceedings. Then they had to figure out how to pay for Grandpa Oscar’s care.
Preplanning Vs Emergency Response
We cannot predict when a health crisis or death will happen.
However, we can put plans in place to make our response to an emergency less stressful and potentially less expensive.
Set Up Your Plans Today
As you can see, Robert’s family was in much better shape because of the estate planning done prior to the medical crisis.
The attorneys at the Keystone Law Firm assist clients every day set up customized estate planning. Call us at (480) 418-8448 to set up an appointment. We offer services for clients throughout Arizona, including Chandler, Gilbert, Sun Lakes, Tempe, Phoenix, Mesa, Scottsdale, and Apache Junction.
