As you grow older, you know that there is a chance you could become incapacitated. The odds of suffering from a medical ailment like a stroke or a heart attack go up, for instance. You could also be injured in a car accident or another catastrophic event.
If you are incapacitated, that means you can’t make your own decisions about future medical care. There are two different ways that you can address this by drafting an estate plan. What are they and how are they different?
A living will
With a living will, you have the chance to make your decisions in writing. Say that you do not want to be kept on life support. You can put that in your living will and, if you are incapacitated in the future, your medical team will consult this document. It gives them directions so that they know if there are any types of treatment they should avoid or anything else you specifically want them to do. The living will gives you a voice when you wouldn’t have one otherwise.
A power of attorney
A power of attorney also gives you a chance to handle your future medical decisions, but not by making those choices in advance. Instead, you just pick an agent who can do so on your behalf. The power of attorney is the document that gives them this legal ability. As long as you choose someone that you trust, you know, they will make the correct decisions and put your best interest first, no matter what the future holds.
Both of these documents can be very beneficial for your future. If you’re drafting an estate plan, be sure you know what legal steps to take.
