Your main focus when creating an estate plan is likely planning the distribution of assets after you pass away. However, there is more to estate planning than establishing inheritance. You can use an estate plan to help control how you are cared for if you suffer from a debilitating injury or medical condition.
There are two aspects of your estate plan that can allow you to dictate your health care: a power of attorney and a living will. Both of these arrangements can benefit you. But, which one should you draft? Here is what you should know about each:
What is the purpose of a power of attorney?
A power of attorney is an agent that acts on your behalf if you become incapacitated. A power of attorney can manage your health care and your finances if you can not do so on your own. For example, your power of attorney could decide to keep you on life support, have you undergo surgery, pay your taxes or manage your investments – depending on which powers you give them.
What is the purpose of a living will?
A living will is a document that outlines the medical care you would like to receive if you can not make decisions for yourself. For example, your living will could include instructions to take you off of life support after a set amount of days or donate your organs.
Is a power of attorney or living will better?
You may want to consider naming a power of attorney and a living will as you draft your estate plan. While your living will can help control what happens to you, you may not anticipate everything. Instead, your power of attorney could act in your best interests. You can reach out for legal help to learn more about your estate planning options.