First, it outlines who will receive your assets after your death. This important document serves 2 distinct purposes.

Your will is a crucial component of your estate plan. These documents are also often coupled with the medical power of attorney paperwork, so consider making sure your doctor has access to all your important medical directives. Make sure you send a copy to your primary care physician to ensure that your living will is easily accessible and becomes part of your medical record. Your attorney can help you draft a living will along with the rest of your estate plan. 'A living will offers much-needed guidance for your medical team and family, especially when a decision isn’t clear,' Arnett says. These documents can be as specific as you like, and can denote your religious preferences and any plans for organ donation. Administration of food and water (including tube feeding).Artificial life support and ventilators.Life-prolonging treatments, including blood transfusions, medication, and surgery.Most living wills address instructions for handling the following: Your estate plan certainly provides for the opportunity to do more than disburse your financial assets it also provides guidance for your loved ones regarding your preferences for end-of-life medical intervention, in case you can’t communicate for yourself. 'Have a proactive conversation so that you can answer important questions and make the person's job easier in the event that they ever need to fulfill the role,' Arnett says. Whoever you choose, have a discussion to gain mutual understanding that makes sure they are aware of your medical preferences. Many people designate a spouse or adult child in this role, also naming an alternative in the event that the person initially named is unable to serve. This person will use your living will (also known as an advance health care directive) as a guide for determining the care you desire. Your medical power of attorney-sometimes called your health care proxy, depending on where you live and how it is drafted-will make medical decisions on your behalf. They don't need to be a financial whiz, but you should trust this person to make pragmatic and thoughtful decisions on your behalf. This person will be opening your mail, contacting your banks, transferring your assets, and paying your bills, if needed. In the case of designating a financial power of attorney, consider someone you trust wholeheartedly. 1 Such decisions may include liquidating investments to pay for medical bills, managing your insurance, and, in the case of a medical power of attorney, making sure you get the medical care and interventions that you want.įinancial and medical powers of attorney are generally 2 different legal documents and it may make sense to appoint 2 different people. A power of attorney is a legal document that grants another person the ability to make financial or medical decisions for you in the event that you become incapacitated.

Estate plan checklist