Why Power of Attorney and Medical Directives Belong in Your Financial Plan

When most people think of financial planning, they think about investment portfolios, retirement income, or tax strategies.

But true wealth planning goes deeper—it’s also about preparing for life’s what-ifs. One of the most commonly overlooked steps is having the right legal and medical documents in place before you ever think you’ll need them.

Why This Belongs in Your Financial Plan

In recent months, I’ve spoken with several families who were caught off guard by sudden health events. A spouse was hospitalized unexpectedly. A routine procedure didn’t go as planned. An illness appeared seemingly out of nowhere.

In each case, the absence of the right paperwork created unnecessary delays and stress. Financial accounts couldn’t be accessed, medical decisions were stalled, and loved ones were left without clear direction. Even for families with substantial resources, the process became far more complicated than it needed to be.

Documents Worth Considering

At a minimum, we always encourage clients to review the following documents with their estate attorney as part of their financial preparedness checklist:

Durable Power of Attorney – Authorizes a trusted individual to manage financial and legal matters on your behalf.

For example, if you were recovering from surgery and unable to sign checks, your designated agent could handle routine payments such as property taxes or payroll for household staff. Or if you fell into a coma, the person named in your POA could step in to manage financial responsibilities right away—paying bills, managing investments, or handling business obligations without waiting for court involvement.

Medical Power of Attorney / Healthcare Proxy – Names someone who can make healthcare decisions if you’re unable to communicate.

For instance, if you were under anesthesia longer than expected or suffered a stroke to where you were unable to speak or make decisions, your spouse or adult child could speak directly with doctors about treatment options.

Living Will / Advance Directive – Lays out your preferences for medical care in critical situations. This can help reduce confusion among family members who may otherwise disagree on whether to pursue aggressive treatment or comfort-focused care.

HIPAA Authorization – Allows specific individuals access to your medical information. Without it, even a spouse or adult child may not be able to get updates from physicians in the event of an emergency.

These documents don’t just live in the legal world—they intersect directly with your financial plan by helping your assets, accounts, and responsibilities continue to be managed if something unexpected occurs.

Timing Matters

The ideal time to prepare these documents is before you think you’ll ever need them. If it’s been years since you last reviewed your estate documents—or if you’ve never created them at all—this may be the right moment to take action.

A Broader View of Planning

Many families spend significant energy thinking about growth, investments, and legacy. Just as important, though, is building flexibility into your plan for the unexpected. By addressing these documents now, you give your family a clear path forward should the unexpected occur.

At Winstone Wealth Partners, we regularly collaborate with estate planning attorneys to help clients identify gaps and update their planning documents as part of a broader financial strategy. If it’s been some time since you’ve revisited these conversations, this may be the right opportunity.

Please Note: Any opinions are those of Jeffrey A. Green and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided in the attached article will prove to be correct. Individual results may vary.

While we are familiar with the issues presented herein, as Financial Advisors of Raymond James, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.