For most people, the odds of becoming incapacitated are much higher than those of dying prematurely. To prepare for incapacity, you’re going to need documents that address incapacity with regard to financial and medical decisions:
Financial power of attorney
This document enables you to appoint someone to make financial decisions and manage your financial affairs in the event that you can’t make decisions for yourself. If you slip into a coma, or have dementia or alzheimer’s. It’s best to select one individual as your financial power of attorney, and select at least one alternate should your initial selection be unwilling or unable to perform these services. Who you chose is up to you. It can be a family member that you trust. Your attorney, or even a geriatric care manager who specializes in custodian care. But you must make this choice carefully; because this person will have complete control over your finances. Each state has its own laws regarding financial powers of attorney. This can be an extremely complicated matter and you will want to consult with an “Elder Law” attorney to create this document in the best manner possible.
Medical Power of attorney
This document enables you to appoint someone to make medical decisions and manager your medical affair in the event you are unable to do so. Again, it’s best to select one individual as your medical power of attorney and at least one alternate. This person will have full and complete control of life and death decisions regarding your care, unless you have an associated living will that specifies your wishes. Each state has its own laws regarding Medical power of attorney.
Living Will
A living will spells out under what circumstances, if any, you want your life prolonged if you have no reasonable chance for recovery.
