Unfortunately, many assume that estate planning is relegated to creating a will. However, this is far from the truth, as there are many documents and tools you can utilize to ensure your assets are handled according to your wishes. One of the most important considerations you should make, however, is appointing someone to assume certain responsibilities if you are unable to do so yourself. As such, you may want to consider a power of attorney or healthcare proxy. If you’re unsure how these two roles differ, you’ll want to keep reading. The following blog explores what you should know regarding these circumstances, as well as the importance of working with a Nassau County estate planning lawyer to discuss your options.
What Are the Differences Between a Power of Attorney and a Healthcare Proxy?
In general, a power of attorney is someone of your choosing whom you appoint to make important decisions on your behalf in the event you become incapacitated or otherwise unable to make these decisions on your own. This person is formally recognized as your agent and must act with a fiduciary duty. Essentially, this means they are legally obligated to act in your best interest and can face consequences if they do not. Typically, this person can make decisions regarding your investments, manage your bills, and fund trusts on your behalf. There are different kinds of powers of attorney you can create that give you greater control over when this person has the power to act.
A healthcare proxy, on the other hand, is someone you appoint who has the ability to make important medical decisions on your behalf. For example, if you fall into a coma or a doctor deems you unable to consent to care, this person would be responsible for deciding what care you receive based on your wishes. Typically, this power is only enacted when you are deemed incapacitated.
Which One Do I Need?
As you can see, a healthcare proxy and power of attorney are two very different but important roles in your estate plan. That is why it’s in your best interest to consider adding both.
Ensuign you have your financial and medical future covered is critical, as it allows you the opportunity to ensure that the entirety of your estate is accounted for. Not only does this provide invaluable peace of mind, but it can also help your family, as they will not have to endure a lengthy court battle to have these matters settled, which could cost valuable time.
If you are ready to plan your estate, it’s critical to work with an experienced attorney with Barrows Levy PLLC. Our team understands how difficult these matters can be to navigate, which is why we will do everything in our power to help you fight for the best possible outcome for your circumstances. Contact us today to learn more.
