Estate planning is a process that often begins with the writing of a will. You are likely healthy and happy, but you’re just planning for the future and thinking of the day when you have to leave your assets to your heirs. A will is one of the easiest ways to do it.
But is it enough? You may want to take the time to consider a power of attorney, as well.
A medical power of attorney
One of the most common types is a medical power of attorney, which addresses your medical decisions. There is only so much that you can plan in advance since you do not know what the future holds. But the power of attorney lets you pick a trusted loved one to make your decisions. If the doctors need to know how to proceed and you are not in the mental or physical condition to reply, your agent takes care of it for you.
A legal power of attorney
The second type is a legal power of attorney, which is similar in one fundamental way: It’s all about picking an agent to make decisions and do things on your behalf. The difference is that this person helps you with things like paying the bills, selling your house, or filing taxes. The power of attorney gives them the ability to access accounts and deal with paperwork that only you would be allowed to do otherwise.
Making a comprehensive plan
An estate plan needs to be as comprehensive as possible to be effective, and it is very important for you to know about all of the options that you have. Sometimes, an experienced advocate can help you find creative solutions to your estate needs.
