![]() You should discuss your desires for medical treatment with your healthcare agent.Ī living will, also known as an advance directive, controls decisions around end-of-life care. Many states have an official financial power of attorney form. A healthcare power of attorney designates someone you trust to make decisions regarding your health care in the event you are mentally unable to make decisions for yourself. A financial power of attorney authorizes someone you trust to act on your behalf in financial matters. There are two other options you may want to consider when putting together an estate plan: a finaincial power of attorney and a healthcare power of attorney. If the POA is effective immediately, your agent may act even if you are available and not incapacitated. Springing POA: Only effective once you are declared incapacitated. ![]() Immediate and durable POA: Effective immediately and remains effective after you become incapacitated.Non-durable POA: Effective immediately, lasting until you become incapacitated.The person you appoint with the authority to act on your behalf is the attorney-in-fact, while you're the principal who delegates the authority.ĭepending on how it is worded, a POA can either become effective immediately or in the future. For these reasons, it is recommended that you talk to an attorney to discuss whether a living trust or last will is right for you.Ī power of attorney is a document that appoints someone you trust to handle your financial or medical affairs. ![]() A trust can also involve more upkeep because your assets need to be titled in the name of the trust. But unlike with a will, a living trust can allow your heirs to avoid probate court. If not, the court may decide who becomes the executor of your will.Ī living trust is similar to a will in that you choose how your assets are distributed. If for any reason your executor can't carry out their duties, you'll need to have a backup appointment. It's also a good idea to name at least one successor executor, ideally someone younger than your first choice.
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