A good estate plan also will include:
- Healthcare and Financial Powers of Attorney,
- Living Will (Advanced Health Care Directive), and
- Temporary Guardianship.
Powers of Attorney are a legal document(s) giving to one or two people (called the “agent”) the power to act of another person (the principal), to make legal decisions about the principal’s property, finance and healthcare. The power of attorney is frequently used in the event of a principal’s illness or disability, or when the principal can’t be present to sign necessary legal documents for financial reasons.
Having a power of attorney, ensures that someone will look after your financial affairs and make healthcare decisions if you become incapacitated. You can assign the same person for financial and healthcare powers of attorney or two different people.