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An estate plan goes far beyond a will

On Behalf of | Sep 21, 2021 | Estate Planning And Administration |

While an estate plan certainly addresses what will happen to your assets after you die, this is not the only thing an estate plan does. In fact, a complete estate plan should also help you while you are still alive. Specifically, your plan should include documents to address your health and finances if you are ever too sick or injured to act on your own behalf. This can be done using two documents: advance healthcare directives and powers of attorney.

Powers of attorney: help when you need it

There are two types of powers of attorney: financial and medical. In the latter you designate an agent to handle medical decisions on your behalf, based on the terms of your advance healthcare directive. In the former, you designate an agent to take care of your financial matters. You can choose one person for both roles or divide them among two or more people.

Keeping control over your healthcare

Commonly known as a living will, an advance healthcare directive is a legal document in which you lay out the extent of treatment you would want during a medical crisis if you are unable to communicate at the time. For example, you can say that you would (or would not) want to be put on life support if you go into a vegetative state. We can help you prepare your advance directive so that it is comprehensive and explains your wishes should you experience any serious medical event.

A well drafted estate plan benefits you and your family during your lifetime as well as after you have passed away.