Thinking about what’s going to happen if you become incapacitated isn’t a pleasant thought for anyone. Despite the discomfort that comes with this, you have to take the time to make plans for what will happen if you’re unable to make decisions for yourself.
One of the most important things that you need to do to plan for this is set up the power of attorney designations. This gives someone else the ability to make decisions for you so you can get the medical care you need, and so your financial matters are taken care of.
Who should you designate as power of attorney?
The person you name on the power of attorney form should be able to put their own wishes aside and make decisions based on what you’d do if you were able to make the choices. They should be able to think clearly even when they’re emotional, or things are tough.
You can name one person as the financial power of attorney and someone else as the medical power of attorney. Alternatively, the same person can handle both duties. It’s usually best to discuss your wishes with the person you name as power of attorney.
Your estate plan must be established based on what you want to happen at the end of your life, as well as after you pass away. Taking the time to set this up in a way that ensures your loved ones can legally uphold those wishes is important. Once you have everything set up, you should remember to review the plan again periodically so you can verify that it still accurately relays your wishes and make any necessary corrections.
