Estate planning isn’t just about deciding what you want to happen to your belongings when you die – it also involves planning for what you want to happen if you’re ever incapacitated. If you’re tackling incapacity planning – something every adult should do – you may be confused about power of attorney vs. living will. Let’s explore what these two terms mean and when you need them.
What Is a Living Will?
A living will is a legal document that outlines what you want to happen in terms of your care if you are incapacitated. For example, if you are very ill with little or no hope of improvement, do you want to:
- Receive CPR?
- Undergo mechanical ventilation?
- Receive tube feeding if you are unable to eat?
Furthermore, if you want to be kept alive through treatments such as ventilation and tube feeding, how long do you want these treatments to continue? If you die, do you want to donate your organs?
What Is a Power of Attorney?
A power of attorney is a legal document that grants an agent the authority to act on behalf of someone else (the principal). A power of attorney typically authorizes the agent to make financial and legal decisions, whereas a medical power of attorney authorizes the agent to make medical decisions. A durable medical power of attorney grants someone the authority to make decisions for you even if you are incapacitated at the time.
Understanding a Living Will vs. a Power of Attorney
A living will states what you want to happen to you if you can’t make decisions for yourself. A medical power of attorney gives someone else the authority to make decisions on your behalf. Both serve important purposes in estate planning.
A living will allows you to express your wishes. This way, your loved ones and medical providers know exactly what you want. However, there may be some issues you have not considered. For example, what if a new treatment option is available? Your doctors will need to know whether to provide it. A medical power of attorney makes decisions for such issues as they arise.
Everyone Should Have an Incapacity Plan
According to Pew Research Center, 27% of U.S. adults have not put much thought into their own wishes for medical treatment and only 35% have written down their wishes. However, when asked about their preferences, 52% said they would want to stop treatment and die if they had no hope of improvement and were totally dependent on another person for care.
Imagine you are seriously injured in a car crash. The doctors manage to keep you alive, but you are not expected to regain consciousness. Since you can’t tell your loved ones what you want for your care, they have to guess what you would want or do what they believe is right. They may fight over the best course of action, creating strife at a time when they should be supporting each other. Even if you would have wanted to be taken off life support, your family may leave you on it because they don’t know your wishes. Alternatively, they may take you off but then suffer guilt over the decision. By making your wishes clear, you’ll spare your loved ones from these conflicts and feelings of guilt.
Some people tackle incapacity planning when they are diagnosed with a potentially-terminal illness. However, you never know what tomorrow will bring, meaning you might not have an opportunity to make last-minute plans. That’s why every adult should tackle estate planning as soon as possible, which includes incapacity planning.
Selecting a Medical Power of Attorney
When selecting a healthcare agent, you may like to choose a close friend or relative.
- Do you trust this person to act on your behalf?
- Are you comfortable with this person learning your personal medical details?
- Does this person know what you want for yourself and respect your wishes?
- Does this person hold the same values as you?
Do you need help creating a living will or power of attorney? Skinner Law can help you with this and your other estate planning needs. Contact Skinner Law.