2 Important Documents Every Couple Needs

Recently, we've been checking into wills, powers of attorney (POA) and other things needed to protect us should something happen to either or both of us. Not only for our protection, but also for our children's (our three dogs who would need to be cared for) sake, too. We recently met with our friend Stefanie, who is an attorney and does wills, POA, health proxies or powers of attorney. 

NEEDED FOR PROTECTION - We learned that domestic partners have virtually NO protection from an outside family member, even if estranged. An estranged family member can come into a situation where their sibling dies (and if a house is in the deceased sibliing's name only), the house can be taken away from the partner - who gets tossed on the street. (It's happened).   We know that places of business, even a hospital we went to, discriminate and although we are married, refused one of us to give health insurance for the other - that's why these documents are important! 

 Following is an article that appeared today in the Baltimore Sun, and Kiplinger Magazine, which explains at least 2 VERY important documents you'll need. We'll address some other things in the next couple of blogs. - Rob and Tom

2 Important Documents Every Couple Needs

By Sandra Block, From Kiplinger's Personal Finance, April 2015

It's especially important for unmarried couples to be prepared, but married couples (especially married gay couples) should also have 2 important documents.  All couples should have durable powers of attorney for finances and health care, but these documents are even more important if you and your partner aren’t married. 

WHAT IS A DURABLE POWER OF ATTORNEY? - A durable power of attorney gives you and your partner the authority to manage each other’s finances if one of you becomes incapacitated.  
WHAT IS A POWER OF ATTORNEY FOR HEALTH CARE? - A power of attorney for health care, sometimes referred to as a health care proxy, gives you the right to make medical decisions on your partner’s behalf if he or she is unable to do so (see 3 Simple Steps to Pick a Health Care Proxy).

Without these documents, you could be prohibited from making decisions on behalf of your partner, even if you’ve been together for years. A court may grant a family member authority to make decisions about your partner’s finances. “If you’re not married, you have no standing under the law,” says Lili Vasileff, a certified  financial planner and president emeritus of the Association of Divorce Financial Planners.

An estate-planning lawyer can help you draw up power-of-attorney documents for your state. Some banks and brokerage firms won’t honor power-of-attorney documents unless they meet certain conditions, so make sure the form you use will be accepted by your financial institutions. Both the power of attorney for finances and the health care proxy should be easily accessible in an emergency.

Read more at http://www.kiplinger.com/article/insurance/T027-C011-S002-2-important-documents-every-couple-needs.html#DuVwxGP9sYtpJws1.99