When you decide to write a will or set up an estate plan, it is important to remember that it can address your medical future, not just your assets.
Those assets are often where people start. They want to determine how they are going to pass the money and physical assets they own to the next generation. But a comprehensive estate plan can go beyond this and address medical concerns, helping to secure a person’s future.
A living will
One way to do this is by drafting a living will. This helps to spell out some of your preferences.
For example, perhaps you do not want to be kept on life support or you do not want to be resuscitated. You can specify both of these details in your living will. If there is a medical emergency in the future, this document gives your doctors the guidance that they need. You may be incapacitated at the time, but you can use the living will to make decisions in advance.
A power of attorney
Another option is to set up a power of attorney. You pick an agent, and then you decide what abilities you want to give that agent to make decisions on your behalf.
This often revolves around making medical decisions. If you are incapacitated, it is your agent who can authorize care and decide what treatment you should receive.
But you can also use a power of attorney for other crucial decisions. You could authorize someone to make financial decisions or transactions on your behalf, for instance. A power of attorney ensures that you always know who will be making choices for you if you are unable to do so yourself.
Creating your estate plan
This helps to show a few of the different areas you can address in your estate plan that go beyond simply allocating assets to certain beneficiaries. Take the time to carefully look into the legal steps needed to set everything up correctly.