These five documents aren’t just for the wealthy

Following a serious illness or accident, even if family members are aware of the patient’s treatment preferences, they may not necessarily have the authority to access medical records, make medical decisions on the patient’s behalf, or manage bank accounts. Many people assume that drafting a will covers all necessary arrangements; however, a will primarily addresses matters after death. If an individual is still alive but has temporarily or permanently lost the capacity to make decisions, four other documents may be even more critical.

According to Reuters, Jay Friday—head of personal financial planning at Citizens Wealth Management—stated that regardless of age or asset level, American adults should prepare a durable power of attorney, a healthcare proxy, an advance medical directive, and a HIPAA release form, in addition to a will.