People sometimes think of estate planning as only having to do with the matters that must be handled when they pass away. One thing that you need to do is ensure that there’s someone appointed to make decisions for you if you become incapacitated.
In your estate plan, you’ll need to appoint someone to be your power of attorney. There are actually two that you need to set up: One for healthcare decisions and the other for financial decisions. The people you appoint will be able to make decisions for you based on what you’d do if you were able to make them yourself — which is a real possibility if you become injured or ill.
Who should you name for these duties?
You must choose someone who will do things that are in your best interests and who will follow your wishes — not in their own. Some people choose their spouse or a close family member. While this is acceptable, it’s best to ensure that they’ll be able to remain calm enough to make those types of decisions at a time when you’ll need them to.
It’s possible to name the same person to handle both areas, but you don’t have to do this. Just be sure that the person you name for each area knows what your wishes are for them. The person who’s handling your healthcare decisions can review any advance directive you’ve created to find out some of your wishes but they may be asked to make other decisions.
Estate planning isn’t just about leaving your assets to your heirs. It’s also about protecting your future. Learn more about your estate planning options today.