Power of Attorney, Health Care Proxy, Living Will

[tinapbeana]

Originally Posted by jodi

Ok, just finished the health care proxy and living will tonight. They are signed, witnessed, and going into the safe (my husband and parents are aware of them - do I need to get a copy to my MD as well?).
Here's my question - I asked my parents (my financial mentors) about getting a power of attorney. I would list my husband as POA. They don't think we need one as everything we own is owned jointly. I wouldn't need a POA to access the checking and savings accts, for example. So would this benefit us at all and should we pursue it? Or should I perhaps think of getting a POA listing one of my parents should anything happen to both DH and myself?

you might want to talk to the bank and see what they recommend. i have heard cases where a joint account has been frozen in the event of the death one of the account holders.

[PRICEPLUS]

Better to have and not need than need and not have!

[creditcardfree]

Originally Posted by jodi

Ok, just finished the health care proxy and living will tonight. They are signed, witnessed, and going into the safe (my husband and parents are aware of them - do I need to get a copy to my MD as well?).
Here's my question - I asked my parents (my financial mentors) about getting a power of attorney. I would list my husband as POA. They don't think we need one as everything we own is owned jointly. I wouldn't need a POA to access the checking and savings accts, for example. So would this benefit us at all and should we pursue it? Or should I perhaps think of getting a POA listing one of my parents should anything happen to both DH and myself?

Can you have more than one power of attorney?

I would still get a POA. I know that you don't own your retirement accounts jointly. An example, one was in coma, needed funds from other's ira, you would need a POA to get this done. Make sure it is a durable POA...one that doesn't expire.

[poundwise]

For my grandfather, who lives with us, I have...

1) Durable general power of attorney
2) His will
3) His living will
4) Health-care power of attorney

Having all four squared away is good for all of us. I highly recommend 2 and 4 at the least. Number 4 is perhaps the most often overlooked.

[creditcardfree]

Originally Posted by poundwise

For my grandfather, who lives with us, I have...

1) Durable general power of attorney
2) His will
3) His living will
4) Health-care power of attorney

Having all four squared away is good for all of us. I highly recommend 2 and 4 at the least. Number 4 is perhaps the most often overlooked.

I checked and we have the durable POA for Healthcare too.

[scfr]

Originally Posted by creditcardfree

Can you have more than one power of attorney?

In our POAs, my husband and I named each other as our Attorneys-In-Fact, but we each named a sibling as an alternate (in case, for example, we are in a car wreck together and are both incapacitated). So, we have just one POA, but 2 people are named. The POA is for financial matters.

We also have "Health Care Directives" regarding making medical care decisions. In those, we also named primaries (each other) and alternates (siblings).

What these documents are called and how they are structured probably vary by state, so it would probably be best to consult with an attorney.

[PRICEPLUS]

Definitely always a good idea to have such important documents looked over by an attorney.

[simpleselu]

I have all three plus a DNR-CC. Health care power of attorney is also called a DPOA or Durable Power of Attorney. I work in the health industry and the DPOA is an absolute necessity specially if you don't want certain things done. Many docs are worried about being sued so they'd rather put, say a pacemaker into a 95 year old, than deal with the possibility of her being incompetant and then have family sue.

All of these documents are pretty easy to fill out. My Dh and I did the POA and DPOA in an hour and then had them notorized. We got copies to our PCPs and keep them in a file with easy access.

[Aleta]

Where did you get these forms?

[DayByDay]

0 for 3 here. But I wrote a reminder for myself along with printing the letter of instructions. I do want to get these done.

[vsjhoc]

Originally Posted by poundwise

For my grandfather, who lives with us, I have...

1) Durable general power of attorney
2) His will
3) His living will
4) Health-care power of attorney

Having all four squared away is good for all of us. I highly recommend 2 and 4 at the least. Number 4 is perhaps the most often overlooked.

Lbwise - I hate to be morbid, but you (we all) should have these for yourself as well.

[katwoman]

Oh man, you got me! And I've been meaning to do these all of 2006!

It's not like I don't know better; I'm the POA for my mother and EVERYTIME I talk to either a hospital billing dept or admissions the FIRST thing they ask is does she have a POA. NOt to mention the pharmacy and long term care provider.

Looks like it'll be my New Years resolution.