When it comes to estate planning, you probably think of wills and trusts. You probably even think Estate Planning doesn’t relate to you unless you’re in the elderly stages or your life or dealing with an illness…but this is not the case.
Having the right legal documents in place in case of a medical emergency is essential to providing a family member or trusted friend with guidance and decision-making authority during a difficult time.
There are three other estate-planning documents that can assist you with this:
1. A Living Will
2. A Healthcare Power of Attorney
3. A Financial Power of Attorney
A Living Will allows you to state your wishes about the type of medical treatment you do, or don’t, want to receive if you are injured and not expected to recover or become terminally ill.
A Healthcare Power of Attorney allows you to choose the trusted family member or friend who will be responsible for making healthcare decisions if, for any reason, you lose the ability to make them for yourself
A Financial Power of Attorney is a legal document that allows one person to grant to another person the legal authority to make decisions on the first person's behalf. The legal authority granted can be significant, including the ability to sell or purchase real estate, transfer money, buy or sell securities, make gifts, and the like. "Durable" means that the document will survive incapacity. It can avoid the high expense and delay of Court appointed guardianship.