You create an estate plan to disseminate your items after your death. While this is true, a comprehensive plan should also include provisions that protect you when you need it.
During a planning session, you should consider provisions that come into play when you do not have the mental or physical capacity to make decisions. Take a closer look at some self-preservation documents you should craft as part of your estate plan.
Who will make medical decisions for you?
You may create a living will to express your desire for end-of-life or emergency life-saving care. It gives doctors permission to either remove you from life support or continue those measures. However, this document may not go far enough in some medical situations. Should you require further care that may save your life, who will make those decisions? A medical power of attorney is a document that appoints a person you trust to speak for you when necessary.
What happens to your money if you become incapacitated?
The provisions of your will only apply after your death. If you are the only person who has access to your money, property and bills, how do they get paid? A financial power of attorney allows you to appoint a person to take control of your money and property to pay for your medical care. This person also has the legal right to liquidate assets to pay off creditors and ensure that you receive the level of care your condition warrants.
Having a plan in place for when you are at your weakest benefits you and your loved ones.