When drafting your estate plan, you may want to consider creating a power of attorney. A power of attorney is a representative who can act on your behalf if you become incapacitated. You could become incapacitated if you suffer a serious injury or medical condition.
There are several facts you will want to know about powers of attorney. Here is what you should know:
Who can become your power of attorney?
You can choose anyone of legal age as your power of attorney. However, you may want to choose someone whom you can trust to act in your best interests. In other words, you may not want to choose a family member who would put you on life support if that is not your wish.
What are the different types of power of attorney?
You can have a power of attorney that can manage your financial or medical decisions on your behalf. A medical power of attorney could decide whether you are put on a respirator, undergo surgery or be taken off of life support. A financial power of attorney could manage any monetary matters, such as paying rent, filing taxes or finalizing real estate transactions.
Is a medical power of attorney the same as a living will?
A medical power of attorney and a living will are not the same. A living will is a document that outlines some of your medical wishes, such as whether you would be resuscitated or placed on life support and feeding tubes. These wishes would be used to help ensure that a medical practitioner follows your preferences.
However, a living will cannot predict every decision. A medical power of attorney could make decisions based on what they believe is in your best interests.You can seek professional legal guidance to learn more about your estate planning options.