The Lawyer’s Desk
By; John W. Buckley, Esq.
Did you know that the number of people aged 65 and over will double by the year 2030? People are living longer and it is not unusual for a person to be retired for twenty, thirty or even forty years! That’s great news but a long life also presents challenges. For example, what happens when you are no longer mentally competent to pay your bills, property taxes or to make contributions to your favorite charities? What happens if you no longer capable of making a medical decision which can save your life? How can you make sure that your end of life wishes are known and followed?
One way to meet these “long life” challenges is to consult an attorney and create a set of documents called “advance directives”. In New York, advance directives are: a Power of Attorney, a Health Care Proxy and a Living Will. These documents, if properly drafted to meet your specific needs, become the foundation of your life planning.
Of the three advance directives, the most well-known is the power of attorney. This document allows another person to “step into your shoes” as your agent and perform a wide variety of acts in your name. It goes without saying that you must carefully chose your agent. If your crazy cousin Al will be tempted to purchase a new Lexus using your power of attorney, it would be prudent not to name him as your agent. An experienced elder law attorney will draft the power of attorney to be durable which means that the power will remain in effect until your death or you specifically revoke the power. The durability of the power becomes particularly important in those instances where the onset of a medical condition like dementia makes it impossible for you to perform financial acts for yourself.
The second of the advance directives is a Health Care Proxy. In some ways, the health care proxy is the medical equivalent of a power of attorney. In the proxy, you will designate someone to make health care decisions for you in those instances where a physician has determined that you are unable to make those decisions for yourself. A well drafted health care proxy will contain specific information including your instructions regarding artificial nutrition and hydration, resuscitation and specific authorization to health providers and insurance companies to provide health care records to your agent. The health care proxy differs from a power of attorney in that a power of attorney may name two co-agents. A health care proxy names only one agent. The designation of only one health care agent eliminates the potential for disagreement between co-agents as to the proper course of treatment.
The third advance directive is known as a Living Will. A living will sets out your end of life wishes and can be used as a reference guide by your health care agent and health care providers. It provides evidence as to your wishes if there is a dispute as to what end-life steps are to be taken.
Advance Directives are not the complete solution to your long-life challenges but they are an essential first step toward implementing a plan to protect your hard earned assets and more importantly, your health.
This article is written by a member of the Oxman Law Group, PLLC (www.oxmanlaw.com). Any comments or inquiries are welcome and can be directed to Marc Oxman at 914-422-3900 or moxman@oxmanlaw.com.
