Many different documents might be recommended to you by your experienced estate planning lawyer and it can become confusing to understand which is which.
Two of the most commonly confused forms are known as a durable power of attorney and an advanced directive, and these each accomplish distinct goals.
What is a Durable Power of Attorney?
A durable power of attorney is a document that names someone else, such as a trusted friend or family member, to manage your affairs on your behalf if you become incapacitated and are no longer able to do so.
You can create a springing durable power of attorney that becomes effective only when you are classified as incapacitated or an immediate durable power of attorney which gives this trusted person the authority right away. A springing durable power of attorney might require court approval, which could lead to delays.
Your lawyer can draft your POA based on your goals.
What’s an Advanced Directive?
An advanced directive states who will make medical decisions for you as well as what medical procedures you want to have or not. Oftentimes it also includes individual wishes for your end of life care (commonly called a ‘living will’).
Your advanced directive ensures that if you become unable to speak for yourself that your choices are followed and respected. It’s a good idea to speak to your attorney to draw up an advanced directive.
This document is legally valid if it is signed in front of witnesses. Make sure that you have carefully thought about your choices regarding end of life care before signing or creating power of attorney or an advanced directive.
Your estate planning lawyer is there to answer questions about how to use these documents and what belongs inside. Schedule a meeting with a trusted estate planning attorney today.