Creating an estate plan can be an extensive yet rewarding process. You can use an estate plan to dictate how you wish your assets to be managed after you pass away. Many people believe that asset distribution is the only purpose of an estate plan. However, there is another major use of an estate plan people can take advantage of when they are alive.
An estate plan can help prepare for a testator’s medical care. It is possible that thousands of people suffer from medical conditions or injuries each year that leave them incapacitated. These conditions can make it harder for people to make decisions on their own. However, people can prepare for their future health care with the use of an estate plan.
There are two documents that can be added to an estate plan: a living will and a power of attorney. Both of these can be used to help care for an incapacitated testator. However, both of these documents are often used for specific purposes. Here is what you should know:
Deciding your end-of-life care
A living will is a document that outlines your end-of-life care decisions. For example, many people create a living will to control whether they are resuscitated. Many people decide not to be resuscitated because of the health implications and impacts. Another reason to make a living will is to decide whether you will be an organ donor. A living will can also control whether you would go on life support and for how long.
Making decisions on your behalf
People cannot always predict everything that could happen to them with a living will. Many health care decisions can, instead, be left up to a medical power of attorney. A medical power of attorney is an agent that can act on behalf of the testator. They can make decisions for a testator’s care, such as their medical treatments, surgeries or end-of-life care.
It is often important to reach out for help to learn more about estate planning. Legal guidance can assist in drafting important estate planning documents.