AFS Michigan - Summer/Fall 2024

People are living longer than ever before. Thanks to the miracles of modern medicine and technology, many seniors are enjoying an invigorating lifestyle full of travel and excitement. But even with all of these advancements you never know what life has in store for you. Unfortunately, sometimes with longer life comes more frailty and illness. Families need to address the tough questions such as: What if I become disabled? Who will make my medical decisions when I am no longer able to make them myself? Who will make my end of life decisions? How can I achieve the greatest quality of care at the least cost to me and my family? The most important decision a person (young or old, rich or poor, healthy or ill) can make is to plan ahead. Planning ahead not only encompasses the tough questions, but also involves planning for a lifetime disability, end of life decisions and what happens to your assets after you are gone. Guardianship and Conservatorship Did you know that if you do become incapacitated you will become subject to a Living Probate? Guardianship is a probate proceeding for your medical decisions and a Conservatorship is for financial decisions. It is a common misunderstand- ing to believe that your spouse, child or relative can act for you during a disability. The truth is, if you cannot make your own personal or medical decisions or sign your name to a financial document, a court will. The Guardianship and Conservatorship is designed for those people who cannot protect themselves or who did not have the forethought to plan ahead. Durable Power of Attorney The Most Important Documents that You Can Establish are a Durable Power of Attorney for Health Care and Durable Power of Attorney for Financial Decisions What can be done to avoid the Living Probate and still be able to protect yourself in the event of a lifetime disability? It is simple for medical decisions, whether they involve decisions for end of life, mental heath or day to day, you can establish a Medical Durable Power of Attorney also known as a Patient Designation. For financial decisions you can execute a Durable Power of Attorney for Financial Decisions also known as a General Durable Power of Attorney. The word “durable” means that it will survive a person’s disability or incapacity and will only become no longer valid upon death or it being revoked. A properly drafted financial DPOA is the foundation to ensuring the greatest quality of care at the least cost. The authority to make gifts under certain circumstances can be vital. Simply put a Durable Power of Attorney is a legal document that delegates your personal health care and financial responsibilities to a person in whom you have confidence and trust, “an agent”. Therefore if you become disabled, a Guardianship or Conservatorship will not be needed. Beware: Michigan does not recognize living wills. The authority you give can be effective only upon your disability or it may become effective upon signing the document. This can be very effective for day to day Medical care decisions in addressing the obstacles caused by the privacy rules as well as financial decisions. The authority you give your agent can be as broad or narrow as you choose. Wills Preparing a Will is the simplest way to make sure that your assets (real and personal property) will be distributed according to your wishes. A Will is a public document. However, Wills are guaranteed to go through the probate process if a person dies with assets in their name without a co-owner or beneficiary or not in a living trust. Probate is the legal process for proving and administering a Will. The probate process can be very time consuming, expensive and is always public. A Will names heirs and a personal representative the person(s) who manages and distributes the assets according to your wishes after your death. This is often a family member or friend. Sometimes the personal representative will have to post a bond to perform Please say “We Found You in Alternatives for Seniors ” , Summer/Fall 2024 15 legal information Continued on next page