The future can be very unpredictable. Right now, you may certainly be able to make all of your own financial, legal and medical decisions. But what happens if you are incapacitated due to Alzheimer’s, dementia, a heart attack, a stroke or another such health condition?
At this time, it may be beneficial to have a power of attorney in place. This is a legal document authorizing an agent to make these types of decisions on your behalf. A medical power of attorney is one of the most common types, as is a financial power of attorney. By authorizing someone in advance, it gives you peace of mind because you know that someone who will truly put your best interests first will be making your decisions if necessary.
Are there other ways to address future needs?
Yes, there are other steps you can take. For instance, many people use an advanced directive known as a living will. This allows them to directly choose or deny certain types of medical care. Your living will could say that you do not want to be kept on life support under any circumstances, for example.
But in some ways, a power of attorney can actually be more effective. A living will requires you to guess about what your future health conditions may look like and what treatment you may want at that time. A power of attorney gives your agent the ability to make these choices in real time, so you do not have to guess and they can consider all of the details of your situation while talking to your medical team.
Either way, you can see how estate planning can be very beneficial for the future, so be sure you know exactly what legal options you have.