Adulting 101: How to Choose the Right Decision-Makers for Your Life
Becoming an adult is exciting, with newfound freedoms and responsibilities. But with that freedom comes the need to plan for situations where you may not be able to make your own decisions. From naming a medical power of attorney to choosing someone to manage your finances, choosing the right decision-makers for you and your life is a critical step in protecting your future.
Who Will Make Your Medical Decisions?
Medical decisions are among the most personal choices you’ll make. If you’re ever unable to make these decisions yourself—such as being under anesthesia or incapacitated—you’ll need someone you trust to step in.
A medical power of attorney lets you legally appoint an agent (sometimes called a patient advocate) to make medical decisions on your behalf. In addition, consider these tools for a more comprehensive plan:
- Advance Directive or Living Will: Outlines your wishes for end-of-life care, such as life support in cases of terminal illness or a vegetative state.
- HIPAA Authorization: Allows trusted individuals to access your medical information, ensuring they can communicate with healthcare providers about your condition.
Tips for Choosing a Medical Decision-Maker
- Trust Is Key: Pick someone who understands your wishes and will honor them, even in emotionally charged situations.
- Name Backups: Ensure there are alternate agents in case your first choice is unavailable.
- Proximity Matters: Medical emergencies require quick responses, so choose someone who can act promptly.
Who Will Handle Your Finances?
As an adult, you’re responsible for your finances—from paying bills to managing accounts. But what happens if you’re temporarily unable to handle these tasks, whether due to travel, illness, or an accident?
A financial power of attorney allows you to name an agent to manage your financial and legal affairs if you can’t. Depending on your preferences, this power can be:
- Limited: Authorizing your agent to act only on specific matters, like paying rent or managing a single account.
- General: Granting broad authority over your financial affairs.
Important Considerations for Financial Agents
- Durability: Ensure the financial power of attorney is durable so your agent can continue acting on your behalf if you become incapacitated.
- Trustworthiness: Your agent may handle money and sign legal documents for you, so choose someone reliable and responsible.
- Availability: While proximity is less important here, ensure your agent has the time and resources to carry out their responsibilities.
Why This Matters
Adulting isn’t just about independence—it’s about being prepared for the unexpected. Choosing the right decision-makers for you and your medical and financial matters ensures that someone you trust is ready to act in your best interests. Without these legal designations, your loved ones may face delays, legal hurdles, or even court intervention to step in on your behalf.
Let Us Help Protect Your Future
Taking the first step into adulthood is empowering, but it comes with important decisions that will shape your future. At Williams Starbuck, we specialize in helping young adults create estate plans tailored to their unique needs, so you can focus on living your life while knowing you’re protected.
Schedule a consultation today, and let’s craft a plan that gives you peace of mind for whatever life throws your way.