When creating an estate plan, it’s easy to focus the majority of your time on your assets, and who will receive them upon your death. While this is important on many levels, there are other aspects of the estate planning process that require your attention.
For example, it’s important to have a plan in place in the event that you are unable to make decisions for yourself. This can result from a serious injury or illness. Here are three good additions to your estate plan:
- Living will: If you have instructions regarding medical care, such as the type of treatment you want to receive, include this in a living will. This ensures that you receive the proper care, even if you’re unable to communicate with your medical team.
- Power of attorney: Your finances require special care and attention at all times. If you’re unable to manage your finances, you’ll want to know that there’s someone doing so on your behalf. You can name a power of attorney, while also outlining what they can and can’t do.
- Health care proxy: This goes along with a living will, as you may not include instructions for every possible situation. A health care proxy, also called a health care power of attorney, is responsible for making key medical decisions on your behalf.
If you don’t plan now for future care, you could find yourself in a bad spot down the road.
Fortunately, you still have time to add the above directives to your current estate plan. Once you do so, you’ll feel better about your ability to deal with anything that comes at you in the future.
