DURABLE POWER OF ATTORNEY
An essential part of any estate plan is the durable power of attorney. No matter how you decide to plan, a comprehensive durable power of attorney should be executed appointing one or more family members or trusted friends as your agent(s).
Your agent will have the power to make financial decisions on your behalf, including the ability to implement estate and Medicaid planning, make gifts and to handle tax matters.
A comprehensive durable power of attorney drafted by an attorney specializing in elder law is a critical part of your plan to protect and preserve your assets. In addition, this planning tool can be crucial in avoiding a guardianship proceeding which can be time consuming and costly.
HEALTH CARE DECISION MAKING
As a part of any estate plan, you should also consider executing the following health care decision making documents:
- Health Care Proxy– Appoints a family member to make health care decisions on your behalf if you are unable to do so.
- Living Will– Specifies your desires regarding life sustaining treatment in the event there is no reasonable prospect of recovery.