Estate planning states what you want to happen to your assets in the event of your death, but it also accounts for your health leading up to your passing. Residents of Indiana will succumb to illnesses as they age, but sickness doesn’t have to ruin the administration of your estate. Nonetheless, some illnesses weigh you down with physical or mental issues. With prior directives written into your estate, your finances and assets, regardless of your health, remain led by your living wishes.
WITH A “POWER OF ATTORNEY”
First off, a power of attorney and a health care directive isn’t the same. In your estate plan, your authorization of a power of attorney gives the person you choose, being an agent, financial authority in most cases. This individual can use his or her signature and identification to access your accounts and make withdrawals. In a general sense, a power of attorney doesn’t cover your medical needs specifically. This document is, instead, a formality that grants someone authority.
WITH AN “ADVANCE DIRECTIVE”
Advance directives are used to state any medical wishes you’ve pre-established. An example of advance directives is do not resuscitate (DNR) orders. In such cases, all care providers are ordered to not provide you with life support. Planning a directive now requires you to currently know your underlying illnesses and their likely outcomes. With an advance directive, you can state where you want to receive care or to what extent.
YOUR LIVING WILL AND HEALTH CARE PROXY
Though a will is usually effective upon your death, a living will leave instructions behind regarding medical care. A living will is used if your medical state is declared as a delay of death. On the other hand, a health care proxy is a person in charge of your health. This person provides care if you are conscious or have been lately unresponsive.