Foran Financial Group examines Powers of Attorney, Health Care Directives, and Insurance

The Coronavirus epidemic continues to sober our thoughts and, for many, question our death. A silver lining to all the gloom is that we may utilise this moment as a chance to bring our legal and financial strategies up-to-date. In order to ensure that our desires are carried out in the event of our incapacity or death, we must record them and empower those we trust. This is unclear for many individuals, therefore we at Foran Financial Group, want to assist simplify it all down.

With respect to financial planning, essential legal papers include:

  • The Attorney-in-Fact (POA)
  • Directives on health
  • Forms for insurance policies, retirement funds, and other assets, such as life insurance and annuities.
  • A will

As many people believe, these papers aren’t solely for the elderly. Establishing POAs, health directives, beneficiaries, and your plans after death is crucial for anybody, notably parents and anyone who has financial responsibility for others. These legal agreements spell out your wishes for your medical care, the distribution of your assets in the event of your death, and what will happen to you if you become unable to look after yourself. In fact, as the recent coronavirus epidemic has shown, the unexpected may happen even when you plan for it. Let’s utilise this epidemic as a catalyst for change.


A power of attorney (POA) is a legal instrument that appoints a representative to act on your behalf in the event that you are unable to do so due to physical or mental incapacity. It’s possible to find a variety.

  • Unless you revoke or establish a date when it expires, a durable POA is in effect for the rest of your life.
  • When you become incapable, a non-durable POA disappears (which is probably not what you want).
  • A power of attorney for financial matters (POA) appoints someone else to manage your finances if you are unable to do so yourself.
  • It allows someone else to take care of your medical needs if you are unable to do it yourself.
  • Establishing a general power of attorney (POA) allows you to choose a single person to be in charge of both your financial and medical matters, or you may designate separate POAs for each.

POA for money

Financial POA agents may make important financial choices on your behalf if you are no longer able to do so, including settling or staking claims, purchasing life insurance, and managing your business interests and assets. A power of attorney for financial matters allows you to choose a trusted representative who will act in your best interest first and foremost. In the absence of a financial POA, you may find yourself in the middle of a legal battle with your family members.

The Medical POA

A medical power of attorney is needed. It may be a stressful and confusing time if you’re faced with an unexpected health scare. If you are unable to make medical decisions for yourself, a medical POA gives you the power to delegate that authority to someone you trust. You should have a thorough discussion with the person you select to serve as your POA about your choices for medical treatments and services (such as dialysis or blood transfusions) before appointing them to this role. A living will be used in conjunction with your medical power of attorney to handle particular end-of-life situations.

Creating a POA

The sooner you create a POA, the better, as long as your physical and mental health is in excellent shape. It is possible to get pre-printed legal paperwork, which may be completed and notarized by a notary public. Having your POAs drafted by an attorney with knowledge in this area is much preferable. If the situation calls for it, you may always modify your durable POA. It’s as simple as throwing away the old document and starting again, or as complex as creating a formal deed of cancellation.

Your financial adviser should be aware of any modifications you make to your POAs so that your preferences may be included in your financial strategy.

The best time to begin thinking about the future is now. Get the conversation started by contacting Foran Financial Group.

Precautionary Measures

In the event of your death, you may want to specify the medical procedures you want or do not wish to receive. When you are unable to express your desires in person, this feature is activated. A durable medical POA, a living will, and precise instructions are all common components of health directives.

A Will That Lives On

With a living will, you may tell doctors what treatments you’re ready to undergo in the event of your death. Typically, a person will deal with medical difficulties towards the end of life. For example, if you’d prefer a feeding tube or renal dialysis, you may say so. Do Not Resuscitate (DNR) and Do Not Intubate orders (DNI) might be included.

A medical POA, not a living will, is responsible for designating a medical representative. Despite the fact that both a living will and a power of attorney for healthcare may be used, most individuals opt for the former. You should be aware that if you establish both, your medical POA will take precedence over your living will.

Term Life Insurance

Now is a good moment to check through your life insurance policy’s terms, death benefits, and beneficiaries in light of all that’s going on right now. This might include things like increasing the death benefit on a policy, which may require another medical examination. It is possible that existing term insurance may be converted to one with cash value without having to undergo a new medical test.

At the very least, you should check on your beneficiaries once a year to be sure they are still the people or organizations you intended them to be. People get married, get divorced, and eventually die. If your children exhibit indicators of financial ineptitude, you may want to rethink your money management strategy. An organization’s mission and principles might evolve over time. If you don’t update your beneficiaries when anything changes, you might leave a lot of money to the wrong individuals.


Your life insurance policy’s revocable beneficiaries may always be changed. It is possible to designate a main and secondary beneficiary. If the main beneficiaries die before you do, the secondary beneficiaries will get the death benefit.

It’s impossible to make a modification to the beneficiaries of an insurance policy if the policy contains irreversible beneficiaries.

  • Individuals, legal guardians, your estate, trusts, and charity are all examples of beneficiaries. You have two options if you’re naming numerous recipients:
  • The beneficiaries and/or surviving offspring of beneficiaries get a portion of the death benefit.

Each beneficiary in the lineage line is entitled to a portion of the death benefit.

Consider your other assets, such as retirement accounts and annuities, and brokerage accounts, when naming a beneficiary.


To your loved ones and others, a will describes how your assets and financial accounts will be distributed in the event that you die away unexpectedly. As you think about the future of your family, it’s critical to know what a will can do.

If you die without a will, the state probate court judge will follow regular procedures in distributing your fortune. A will enables you to choose your beneficiaries and the amount of money they will get, which may be considerably different from what your state deems to be the norm.

You may use a will to do so to appoint a guardian for your children and to set up trusts that take effect after your death. Your estate planning may be streamlined by employing trusts, which can be used to handle particular problems like caring for special-needs children or managing your financial portfolio.

Taking a Closer Look at Your Records and Goals

If you’re arranging an estate, be sure to include your financial adviser. In order to make sure that all of your crucial paperwork is up-to-date, we at Foran Financial Group will work closely with your CPA, lawyer, and any other competent expert you may have.

Procrastination is not a wise course of action in light of the present situation.

Contact us if you don’t have a financial adviser or just want a second view. Please don’t hesitate to contact Foran Financial Group.

LPL Financial, a licensed investment adviser and member of FINRA/SIPC, provides securities and advisory services.

Only residents of the states in which Foran Financial Group’s financial experts are fully registered or licenced may converse or do business with them. Anyone from outside of the state is not allowed to make or accept an offer.

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