As the number of diseases discovered increases daily, and with majority of the new ones (particularly those cancer-related) still baffling scientists as to the causative factors, and most of them not having a sure cure yet, life expectancy has dropped drastically. Add to that poor health habits and one can see how possible it is for a 28 year old man to die of a heart attack.
With a family to take care of, as well as a business that you would like to still be running in the next 100 years, it becomes more a necessity than a good idea, to make some arrangements in the extremely unlikely event that you become unable to make those important decisions that can keep you, your family and your business going. Below are definitions from www.thefreedictionary.com of some legal documents which you will need for protecting yourself and your business;
- A Will: A document in which a person specifies the method to be applied in the management and distribution of his estate after his death. (http://legal-dictionary.thefreedictionary.com/will)
- A Living Will: A written document that allows a patient to give explicit instructions about medical treatment to be administered when the patient is terminally ill or permanently unconscious; also called an advance directive. (http://legal-dictionary.thefreedictionary.com/living+will)
- A Power of Attorney: A written document in which one person (the principal) appoints another person to act as an agent on his or her behalf, thus conferring authority on the agent to perform certain acts or functions on behalf of the principal. (http://legal-dictionary.thefreedictionary.com/Power+of+attorney)
The above are three very important documents that you need as a family- and businessperson. While a will, which you may be familiar with, is still very useful, it is limited to the extent that it only takes effect once the testator (the person who made the will) is dead. But sometimes severe illness or a serious accident can incapacitate a person such that, while not dead, he is unable to manage his estate. However, with a living will and a Power of Attorney, he will still be able to manage things through a proxy that he trusts.
LIVING WILL: The living will covers how the patient should be treated in the event that he is physically unable to communicate with the health care provider on how he wants to be treated. It can cover issues such as whether or not the patient wants a blood transfusion, is willing to submit himself for a diagnostics test, wants to be operated on or wishes to use a respirator, and so on. These decisions are made by the patient well in advance of any eventualities, and therefore he needs no human proxy; his written word will speak for him. If you have strong feelings about the above or even on issues such as tissue and organ donation, you are strongly advised to prepare a living will that will help guide your medical team in the case of any eventualities.
POWER OF ATTORNEY: A Power of Attorney in Nigeria is majorly used to cover the administration of someone’s estate in his absence, and mostly when he travels out of the country. That is a financial Power of Attorney which you can make for someone you trust to take care of your business if you are physically unable to do so. You can also create a
Healthcare Power of Attorney, which will give someone you trust the right to make the decisions concerning you if you become unable to make the health decisions yourself. This should be someone you trust to act in your best interest, and perhaps who also shares your health opinions.
After deciding the best plan for yourself, proceed to your lawyer and get these documents drawn up. Let your family know where these documents are. It is of no use if they cannot find them or are unaware of their existence. You do not have to tell them what is contained in the documents; just let them know where to locate the documents in the case of illness, accident or death. You can keep a set of copies at your bank and another set with your lawyer, or in a safe at home. But keep them safe and accessible in the time of emergency.
While we pray for long life and prosperity, it is pertinent to ensure that the unforeseeable future is well covered.
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This article was first published on 26th December 2012 and updated on July 16th, 2015 at 10:36 am
pagboga
Chojare Pamela Agboga is a Legal Practitioner, Writer, Editor, Chartered Secretary and Administrator. She is currently working on her first novel 'Weekends are for Loving' as well as a devotional for women.
Comments (1)
This is a great informative article that i enjoyed reading. Thank you