A living will and a power of attorney are two legal documents that can help people establish financial and healthcare plans for the future.
Healthcare choices are outlined in a living will, and a power of attorney appoints an agent to manage the individual’s finances and medical decisions.
On the other hand, a power of attorney can be utilized whenever a person cannot make decisions for themselves, not just in the case of a medical emergency. Furthermore, although a living will only address healthcare decisions, a power of attorney can provide you with legal help and handle financial and medical decisions.
The living will vs. Power of attorney– Major differences.
It might be challenging to choose between a living will and a power of attorney, but it ultimately comes down to the specific needs and circumstances of the individual.
It is crucial to consider various factors while making this choice, including age, health, finances, and personal preferences. A living will can be an excellent option for those whose primary concerns are with their healthcare choices.
A power of attorney, however, can be a better choice for those who want to ensure that their financial and legal affairs are managed according to their preferences. Writing a living will and a power of attorney may be necessary to ensure that every aspect of a person’s future preparation is cared for.
Legal Requirements for Living Will Preparation
An individual has to be of sound mind and be capable of understanding the choices that they are making to form a living will.
Additionally, the two witnesses and the person must sign the written form. The witnesses cannot be beneficiaries of the document or associated with the person being testified against.
Legal requirements for establishing a power of attorney
One must have a sound mind and the capacity to grasp the decisions someone is making to create a power of attorney.
Along with being in writing, the document has to be signed by the signatory, a notary public, and any witnesses. When writing a power of attorney, it is essential to seek legal advice as state laws about witnesses may differ.
Which is better for you: a power of attorney or a living will?
Establishing a living will, a power of attorney, or both ultimately comes down to individual requirements and circumstances. While making this decision, factors like age, health, finances, and personal preferences should be considered. Speaking with a lawyer or medical expert may also offer helpful guidance on this choice and ensure the legal documents meet the client’s particular requirements.