Many people develop serious medical conditions as they get older. These medical conditions can make it difficult for them to care of themselves, especially if they are left incapacitated. When this happens, it can be hard for family members to know how their loved one would want to be cared for.
People who are drafting their estate plan may want to help their loved ones by considering how their future care should be managed. There are often two important parts of an estate plan to consider: a power of attorney and a living will.
What does a power of attorney do?
A power of attorney (POA) is a legal document that gives a representative (or agent) the power to act on behalf of another person (the principal). The agent can make medical and financial decisions for the principal under specific conditions. For example, an agent may make mortgage payments or decide whether the principal will stay on life support. In many cases, the agent may only handle the principal’s personal matters if the principal is unconscious or suffering from a mental illness.
How can you benefit from a living will?
A power of attorney grants a lot of authority to an agent. However, there are some important decisions that an agent may not be privy to. They may not know whether the principal would want to be resuscitated or placed on feeding tubes. These end-of-life care decisions can be established with a living will. A living will is a legal document that outlines a person’s medical preferences if they become incapacitated.
Seeking legal guidance can help people consider their future medical care options when drafting an estate plan.