What Is the Distinction Between a Durable Power of Attorney and a Living Will?
What exactly are the differences between a living will and a power of attorney? In addition to drafting a will or establishing a trust, residents of Ohio are encouraged to draw up one of the following three fundamental documents: a financial or general durable power of attorney; a healthcare power of attorney; and a living will. Your power of attorney documents are only valid during your lifetime; once you pass away, they lose all legal force and effect. Together, these make up the Advance Directive documents.
Durable Power of Attorney
You can appoint someone to handle financial and/or other matters on your behalf by appointing them as your financial or general durable power of attorney in a legal document. This document can be either financial or general. It is necessary for it to provide specifics and go into detail regarding those issues. For instance, if a person you know has a trust, your power of attorney for finances needs to make reference to you in two different capacities: as an individual and as a trustee. To ensure that the person you’ve designated to handle all of your financial decisions in accordance with your wishes is able to do so, a financial power of attorney should cover every aspect of your estate plan.
Healthcare Power of Attorney
A healthcare power of attorney is a legal document that allows you to appoint someone else to act on your behalf in regards to matters pertaining to your medical care. In the event that you are unable to make your own health care decisions due to an illness or injury, for instance, they are able to step in and do so on your behalf, as well as communicate your preferences to the medical staff and any other providers who are involved in your care.
Living Wills
A living will is a legal document in which you make your preferences regarding medical treatment and/or end-of-life decisions known in advance. These decisions may include whether or not you wish to be kept alive and/or who should be notified when it appears that you are about to pass away. For a living will to be accepted by medical professionals and other providers, it needs to be specific and take into account the necessary privacy safeguards. This is especially important now that the Affordable Care Act has been fully implemented.
In the state of Ohio, the term “healthcare directives” refers to documents such as a healthcare power of attorney and a living will.
Why Choose Margaret T. Karl to Prepare Your Advance Directive Documents?
Expert estate planning attorney Margaret Karl and her team have been helping northeast Ohio families prepare for the future for over 20 years. Margie and her team make it easy to create effective power of attorneys and living wills as part of their detailed estate planning process. It typically takes just a couple of 30-minute appointments to complete the documents. A living will and power of attorney will give you peace of mind knowing you have taken the proper precautions to safeguard your medical decisions and financial matters in the event something happens to you.
Call today to schedule your consultation with Margie and her team!