Estate planning often focuses on the distribution of assets. You may have extensive savings and wealth that you have built up over your lifetime, which you want to pass on to the next generation. This could include cash, investments, real estate and much more. People often write a will because they want to decide how these assets should be passed down, and give guidance to their beneficiaries to reduce the odds of an estate dispute.
All of this is important, but you also need to remember that an estate plan can be used to make future medical decisions. This is often why it is best to make an estate plan early. It is never too soon to address potential medical complications and get a plan in place.
2 main options
There are many things you may consider at this time, but the two main options are using an advance directive that specifically lists your wishes or using a medical power of attorney.
By listing what you want, you give guidance to family members. Perhaps you do not want to be resuscitated or kept on life support, for example. This can be a difficult decision for your family to make. But if you have already left paperwork indicating your wishes, they just follow those instructions.
Using a medical power of attorney, on the other hand, means that you choose a specific agent who can make your medical decisions for you. This gives them a bit more flexibility. They can talk to your doctors in real time and decide what they think would be best, rather than just following instructions based on what you assumed the future would look like.
Both of these options can be very useful, and it is important to understand the legal steps necessary to incorporate them into your estate plan.
