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Estate Planning News
The Health Care Power Of Attorney And The Living Will Are Called Advance Directives
In addition to a Health Care Power of Attorney, another document, known as a Living Will, is used to plan future health care choices. The Health Care Power of Attorney and the Living Will are called advance directives. A Living Will sets out medical treatments you choose to have, as well as the procedures or treatments you do not want to have in some or all circumstances. Note that a Living Will is different than a Last Will and Testament. A Living Will is instructions for your doctor, while you are still alive. A Last Will and Testament is instructions to your personal representative and the probate court, only to be used after your death. A Living Will is different from a Health Care Power of Attorney in that the Living Will does not appoint another person to speak for you. It speaks for you in writing. While a Health Care Power of Attorney can include written instructions for your patient advocate to follow, the choices do not have to be included for the Health Care Power of Attorney to be used. If a Living Will also includes your choice as patient advocate, it automatically becomes a Health Care Power of Attorney and must follow the state law requirements for witnesses, required language, etc. Since a Health Care Power of Attorney form is widely available, and is enforceable by Michigan statute, it is the smartest choice if you are concerned about these issues.
Estate planning is a process to consider alternatives
Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed.
On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.
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Health Care Power Of Attorney
In addition to a Health Care Power of Attorney, another document, known as a Living Will, is used to plan future health care choices. The Health Ca... Read more >
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Definition:
An authorization to proceed by a person who has been given and understands all of the relevant facts.
Will
Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
Personal Property
Definition:
Movable property, including furniture, antiques, automobiles, business equipment, cash and stocks. Compare with Real Property.
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