What would happen to you if you were in an accident? If you became sick? If you were somehow incapacitated, unable to communicate, who would make decisions regarding your care, or your finances? No one likes to think about the possibility; we all like to pretend we’re invincible, because it’s frightening to find that we’re not. However, planning ahead is key to making it through those unimaginable situations—and drafting a Financial Durable Power of Attorney and a Health Care Directive is the best way to start.
These documents are important for everyone—but especially so for singles. Married couples usually have joint accounts, and in the event of an emergency it’s a little easier for a spouse to make decisions about health care and finances. But if you’re single, who will make these decisions for you, if you can’t?
A health care directive will ensure that someone you trust has access to your medical records, and updates on your care and condition from doctors and medical facilities. With a Financial Durable Power of Attorney, you can designate someone to have access to your bank account, and to make financial decisions on your behalf—like making sure the bills get paid while you’re in the hospital.