News and Commentary

UPDATED Now is the Time to Review Estate Planning Documents by By Kathleen Marteney, CRPC®

The COVID-19 pandemic has given individuals pause about their own mortality and their wishes for managing their affairs in the event they become too ill to make those decisions for themselves. During these times of uncertainty, it is wise to be proactive, take stock of your physical and financial health and determine how you wish to handle critical end-of-life decisions, including the ways in which your family members can carry on and maintain their lifestyle in your absence.

Wills and Trusts

A last will and testament serves as the foundation of your estate plan and allows you to record your wishes for the handling of your affairs and transfer of your assets to beneficiaries upon your death. Because wills become public record after you pass away, you also may want to consider creating a revocable trust while you are alive. Not only will a trust enable you to control and structure the assets and wealth you built during life, including how they are valued, taxed and maintained for the benefit of your heirs, it will also protect family members from the complex and time-consuming process of probate.

Durable Power of Attorney

By drafting a durable power of attorney, you may assign another person to make critical financial decisions on your behalf when you are unable to do so yourself due to illness or incapacitation. Without this legal document, the courts may be forced to make these decisions for you.

Living Wills

A living will is a legal document that allow you to specify end-of-life medical care you authorize or do not authorize to be used in the event you cannot make those decisions for yourself. This can include your preferences to receive or decline a range of specific life-supporting measures, including ventilators, breathing tubes, surgery and palliative care, such as pain medications to keep you comfortable.

Do Not Resuscitate (DNR) and Do Not Intubate (DNI) Orders

DNRs and DNIs tell doctors and hospital staff that you do not want them to take extraordinary measures to keep you alive. It is a good idea to share DNRs and DNIs with your primary care physician, your local hospital and the family members you name to make healthcare decisions for you.

Healthcare Proxy and Healthcare Power of Attorney

A healthcare power of attorney allows you to appoint another person to make medical decisions on your behalf when you are not physically or mentally able to so. It is important that you advise appointees of the authority you grant them and discuss with them your personal preferences for end-of-life decisions before that time arrives.

HIPAA Release Form

A HIPAA release form authorizes medical providers to communicate about your personal medical condition and care with another individual you name to participate in your care decisions. You may share these forms with your local hospital and your doctors, who may ask you to complete separate releases specifically for each of their practices.

If you already have these documents, it is a good idea to review them now to ensure that the person you named to make medical care decisions on your behalf is still the individual you want to have that responsibility. In addition, you may want to consider naming a back-up agent in case your first choice is unable to act on your behalf.

Whether you need to create these documents or update existing plans, be assured that you can take care of these matters without leaving your home or breaking any social distancing requirements. Your financial advisor can help you manage these tasks and, depending -on where you live, provide remote notary services.

About the Author: Kathleen Marteney, CRPC®, is a financial planner with Provenance Wealth Advisors, an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs, and a registered representative with Raymond James Financial Services. She can be reached at 800-737-8804 or via email at

Provenance Wealth Advisors, 515 E. Las Olas Blvd., Ft. Lauderdale, FL 33301 (954) 712-8888.

Kathleen Marteney is a registered representative of and offers securities through Raymond James Financial Services, Inc., Member FINRA/SIPC.

Raymond James is not affiliated with and does not endorse the opinions or services of Berkowitz Pollack Brant Advisors + CPAs. PWA is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc., and Provenance Wealth Advisors.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of PWA and not necessarily those of Raymond James. The information contained in this report has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Investments mentioned may not be suitable for all investors. You should discuss any tax or legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation.


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Posted and Updated May 13, 2021