Creating an estate plan often begins with assets. People make an inventory of everything that they own and their financial holdings, such as bank accounts and investment portfolios. They then determine exactly how they want to split these assets up among family members and other beneficiaries.
But that is just one step to take. A comprehensive estate plan should also address future medical concerns. There are multiple ways you can plan for an uncertain future.
Writing a living will
For example, maybe you already know some of your medical preferences if they suffer a catastrophic injury or severe illness. Some people know that they do not want to be kept on life support in certain circumstances, for instance, or that they do not want to be resuscitated.
If you have these types of specifications for your future medical team, you can codify them in a living will. If something happens that leaves you incapacitated, your family and medical care providers can reference the document to determine your wishes.
Using a power of attorney
It’s also wise to provide a chosen agent with medical power of attorney. If you were to become incapacitated and unable to speak for yourself, then the agent would have the legal ability to make medical decisions for you. You can choose someone that you trust to put your best interests first.
If you have a living will in place, your agent is generally obligated to follow the wishes you’ve detailed. However, there may be other decisions not covered in this document they would need to make.
Creating an estate plan
These are just some of the steps you can take to make an estate plan that addresses more than just asset distribution. It’s important to work with an experienced attorney as you look into all of your legal options.