1/22/2024 0 Comments Estate planning checklist 2022Whoever you choose, have a discussion to gain mutual understanding that makes sure they are aware of your medical preferences. Many people designate a spouse or adult child in this role, also naming an alternative in the event that the person initially named is unable to serve. This person will use your living will (also known as an advance health care directive) as a guide for determining the care you desire. Your medical power of attorney-sometimes called your health care proxy, depending on where you live and how it is drafted-will make medical decisions on your behalf. They don't need to be a financial whiz, but you should trust this person to make pragmatic and thoughtful decisions on your behalf. This person will be opening your mail, contacting your banks, transferring your assets, and paying your bills, if needed. In the case of designating a financial power of attorney, consider someone you trust wholeheartedly. 1 Such decisions may include liquidating investments to pay for medical bills, managing your insurance, and, in the case of a medical power of attorney, making sure you get the medical care and interventions that you want.įinancial and medical powers of attorney are generally 2 different legal documents and it may make sense to appoint 2 different people. A power of attorney is a legal document that grants another person the ability to make financial or medical decisions for you in the event that you become incapacitated.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |