Your estate plan is a guide for your loved ones after you pass away, but there is a part that can go into effect before your death. This aspect has to do with appointing someone to handle your finances and your medical care. To make this possible, you must set up the powers of attorney for health care and the powers of attorney for finances.
Together, these can help to ensure that your loved ones follow your wishes in your final days. It can also benefit your loved ones since they won’t have to worry about these two aspects of life.
Your health care decisions
There are two ways that you can handle your health care decisions. The first thing that you need to do is create a living will. This provides written instructions for medical care teams about aspects of your treatment that you feel strongly about.
If you don’t want resuscitation, you need to fill out a “do not resuscitate” form and ensure that it is on file at any hospital you will visit. A DNR order doesn’t apply to emergency responders so if someone calls for an ambulance, the medics will still take life-saving measures.
On top of the written documentation, you need to decide who to give powers of attorney for health care. This person makes medical decisions when the information isn’t in your written instructions. While you might choose a close loved one, remember that they might have to make decisions at a time when stress is at a high.
Your financial matters
The financial matters that you would typically handle won’t go away once you are incapacitated. You can name a person who will take care of this facet. One primary consideration involves trusting that this person will make decisions you would make yourself.
The person you name in the powers of attorney for finances will have full control over your assets. They are responsible for paying your bills and handling your investments. They can also make decisions about things like real property and your possessions.
Having your estate plan in order now is crucial. You never know when your family members will need it, so trying to put it off isn’t a good idea. By staring now, you can ensure that you set everything up how you want it. You can always review the information in the future and modify certain aspects.