When you're thinking of your estate plan, you have to consider setting up a power of attorney for your health care and one for your finances. This might seem like a fairly easy task, but it is one that will require you to make some decisions. One of these is the type of power of attorney you want to set.
There are many things that you have to think about when you set up your estate plan. Many people know that they need to set a plan for their assets and possibly their health care. They might not think about what's going to happen with their financial matters if they're unable to handle those.
One important decision you need to make today if you're at least 18 years old is who you want to appoint to make medical decisions for you if you're unable to make them for yourself. You can make your wishes known by doing two things. The first is writing out an advance directive. The second is naming a patient advocate, which is another term for a person who has a health care power of attorney for you.
When Michigan residents are planning their estate, they often first think of preparing a will to pass on their assets to family members and other beneficiaries. There are other types of documents that can be important as well, including trusts, advance medical directives and financial powers of attorney. Unfortunately, the latter document can be abused if in the hands of the wrong person.
All adults in Michigan should consider an estate plan, even when they are young and have few assets. At first, this may consist mainly of powers of attorney for finance and health care. These documents allow someone, often the parents, to make legal and financial decision on the person's behalf if the person is incapacitated. Assets could be passed with a simple will or using other documents, such as beneficiary designations, depending on what kind they are.
Estate planning can cover a diverse range of topics. Although many Michigan residents may focus their estate planning needs on drafting wills and establishing trusts, the creation and execution of powers of attorney are important as well. Power of attorney documents discuss what will be done when people can no longer make their own medical and financial decisions.
Medical crises can be emotionally taxing on Michigan families. When an individual loses their ability to communicate their healthcare wishes, those who are closest to them can feel the stress of not knowing what to do to protect their ailing relative's wishes. For some, ensuring that every life-saving effort is made to protect their health is important. To others, a dignified and natural death may be preferred.
It is important to know about Michigan estate documents that can help a resident when they are unable to make decisions and deal with their needs. Some of these cover health and medical matters, while others deal with financial issues. In a durable power of attorney, a person may grant powers to a trusted agent to handle their financial affairs.
Without proper planning, dealing with estate matters and handling parent's business and personal matters can become a modern-day Cain versus Abel family dispute. Before executing a power of attorney, family members should understand its powers, its place in estate planning and how sibling powers can be assigned and shared.
An estate plan can help assure that a person's assets are preserved and distributed appropriately after their death. Researchers have also discovered that careful documentation of a patient's end-of-life wishes, such as executing a health care power of attorney, can help avoid unwanted hospitalizations and health care intervention.