While a will is an essential part of an estate plan, there are other important documents to consider—even for a simple estate plan:
Living Wills
A living will describes your specific wishes on how a hospital would provide life support if you should ever have an illness that allows no chance of recovery. There are several other documents that can be used for more advanced estate planning.
Health Care Directives
A health care directive is your authorization given to someone else to make health care decisions for you if you should ever be unable to make those decisions for yourself. Unless stated otherwise, the person you name has the same authority to make health care decisions as you would.
Durable Power of Attorney
A power of attorney is your authorization given to someone else, maybe a spouse, a child, or a parent, who will make financial decisions for you if you should ever be unable to make those decisions for yourself. This is a significant legal right, so it is often advisable to make the power of attorney effective only if you become incapacitated.
