Many estate plans created in Oklahoma are simple. They may contain only a will designating beneficiaries for certain assets and naming a guardian for the children of the testator. It is a common mistake for people to focus primarily on their own deaths when creating an estate plan instead of thinking about all of the circumstances in which they would require someone to act on their behalf.
Your estate plan can include documents that protect you in the event of an emergency in addition to documents that discuss what happens to your dependent family members and personal property after your death. By adding documents that take effect in the emergency, you can protect yourself from an uncertain future and your loved ones from extreme stress in an unusual emergency scenario.
What two documents are common inclusions for those who want to address future emergencies in their estate plans?
Advance directives
Oklahoma provides a statutory advance directive form in which individuals can indicate their personal medical preferences related to life support, resuscitation and other key care choices. Filling out and filing an advance directive ensures that you will receive medical care that aligns with your personal beliefs and preferences.
You may need to fill out special paperwork regarding your medical records as well, as privacy laws could prevent the person you name to act on your behalf from accessing certain medical records. Additionally, you may need to provide medical insurance information in your paperwork so that you receive care that your insurance provider will cover.
Powers of attorney
There are times when adults cannot take care of their own affairs. If you suffer a brain injury and no longer have the testamentary capacity of an adult or if you end up in a coma, you could fall behind on your bills.
Adults can draft medical and financial powers of attorney that will give others control over certain matters in their life. In the event of incapacitation, powers of attorney allow someone to make medical decisions on your behalf or handle financial transactions for you.
Adding the right documents to your estate plan will ensure you have protection in an emergency in addition to taking care of your loved ones after your death.