Many people think about asset protection when they hear about estate planning. While that’s a critical component, there’s something else to consider – decision-making powers, especially when it comes to medical care decisions.
Anyone who’s creating an estate plan should ensure they plan for incapacitation. Setting up a plan to get medical care is an essential component. This is done through establishing a power of attorney for healthcare and an advanced directive.
Understanding medical power of attorney
The healthcare power of attorney plays a pivotal role in medical planning. This individual ensures that someone familiar with their values and preferences can oversee their medical care.
Individuals must discuss their healthcare preferences in depth with their chosen agent. This ensures that the agent is prepared and informed about their responsibilities and the individual’s healthcare wishes.
Role and importance of advance directives
Advance directives serve as a guide for healthcare providers and the appointed agent in the event of incapacitation. These documents typically include a living will and may also outline preferences for specific medical treatments, such as resuscitation, ventilator use and feeding tubes. The specificity of advance directives can significantly assist in making difficult healthcare decisions.
These directives ensure that an individual’s healthcare wishes are respected and alleviate the decision-making burden on family members and the appointed agent. By clearly outlining their healthcare preferences, individuals can provide peace of mind to their loved ones and reduce potential conflicts during challenging times.
Anyone creating an estate plan should ensure they handle the medical aspects of the plan. Considering everything and making decisions in their best interests can significantly benefit creators.