Bankruptcy Section
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WHAT ARE POWERS OF ATTORNEY AND ADVANCE DIRECTIVES?
In general, the term “Advance Directives” is used to describe a group of documents generally executed as part of an estate planning portfolio that communicate in advance certain authorizations or wishes. The most common Advance Directives include a Statutory Durable Power of Attorney, Medical Power of Attorney, Directive to Physicians, and HIPAA Release and Authorization. All of the listed documents are part of Garg & Associates’s standard Will Package, as each is of the utmost importance to your estate plan.
In a general sense, Advance Directives are used to memorialize your wishes with regard to your health care and financial affiars in the event that you are unable to personally communicate your wishes. These documents are not testamentary in nature, as is a Last Will and Testament; Advance Directives are effective and come into use during their creator’s lifetime.
Specifically, a Statutory Durable Power of Attorney allows you to appoint an agent to step into your shoes and manage your financial and business affairs upon your disability or incapacity without the need for a court-appointed guardianship. A Power of Attorney generally grants very broad powers, allowing this pre-appointed person to conduct every designated aspect of your personal business in the same way that you could personally.
By executing a Medical Power of Attorney, you designate another person to make health care decisions for you when, due to your incapacity, you are unable to communicate your own wishes to your doctors. This document is very useful in alleviating burden and conflict among family members, as it names a specific agent to authorize medical treatment on your behalf. It is imperative that a qualified attorney assist in the drafting and execution of a Medical Power of Attorney to ensure strict compliance with Texas law.
A Directive to Physicians, also called a “Living Will,” is an instrument by which you may make your wishes known with regard to artificial life support. In the event of a terminal or irreversible condition, you will relieve your loved ones of a significant burden by executing a Directive pre-designating your feelings toward administering or withdrawing artificial life sustaining measures. Just as with a Statutory Durable or Medical Power of Attorney, it is essential to consult qualified legal counsel at Garg & Associates prior to signing a Directive to Physicians.
Due to the strict privacy rules of the Health Insurance Portability and Accountability Act (HIPAA), a HIPPA Release is necessary to allow for the disclosure of your medical records and information. Even designating an agent through a Medical Power of Attorney will not authorize such agent to access your medical information; thus it is vital to execute both a Medical Power of Attorney and a HIPAA Release to ensure your agent’s ability to competently make medical decisions on your behalf.
As mentioned, the above-described Advance Directives are included in a typical portfolio when you come to Garg & Associates to carry out your estate planning. Each document will be thoroughly discussed and explained to you prior to execution, so that you will both feel confident in your appointments and gain peace of mind in knowing that such delicate but important affairs have been expertly addressed.
Call Garg and Associates today at 281-362-2865 or complete our Contact Form and let us assist you with your wills and trusts.
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