In my last column, I wrote about a common misunderstanding: that having a will means your estate avoids probate. It doesn’t. But there’s another misunderstanding that may be even more consequential, which is the belief that a will is all you need.
A will is an important estate planning document, but it only takes effect after someone dies. It says nothing about what happens if you’re alive but unable to make decisions for yourself. For example, after a serious accident, during a medical crisis, or in the later stages of a cognitive decline. For most of us, especially those of us in our forties, fifties, and sixties, that scenario is statistically more likely to happen first. And without the right documents in place, your family may be unable to help you when you need it most. However, I have good news. There are three documents available that can protect you while you’re alive.
The 3 Documents That Protect You While You’re Alive
First is a financial power of attorney. This document names someone you trust to manage your financial affairs if you become unable to do so yourself. Without it, your spouse or adult children cannot access your bank accounts, pay your mortgage, manage your investments, or handle your bills, even in an emergency. They would need to petition a court for guardianship, a process that takes months and costs thousands of dollars.
Second is the Advance Directive for Health Care. In 2007, Georgia combined the former healthcare power of attorney and living will into a single statutory document called the advance directive for health care. It serves two purposes: (1) it names a healthcare agent who can make medical decisions on your behalf, and (2) it documents your treatment preferences for end-of-life situations. Without one, your family may face agonizing decisions with no legal authority to make them and doctors may be legally unable to follow your wishes.
Third is a HIPAA Authorization. Federal privacy law prohibits healthcare providers from sharing your medical information with anyone, including your spouse and children, unless you’ve signed a written authorization. This is a one-page document that takes two minutes to execute, and yet its absence can leave your family completely in the dark during a medical emergency.
Why This Matters Now
These three documents work together with your will to form a complete estate plan. The will handles what happens after death. The power of attorney, advance directive, and HIPAA authorization handle what happens while you’re alive. Without both sides covered, your plan has a gap and that gap tends to reveal itself at the worst possible moment.
If you already have a will but aren’t sure whether you have these other documents, or whether they’re current, it’s worth finding out. And if you’ve been meaning to put a plan in place but haven’t gotten around to it, consider the fact that the documents that protect you while you’re alive may matter even more than the one that takes effect after you’re gone
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