When making an estate plan, a power of attorney is a way to give authority to another individual. One example is a medical power of attorney. Rather than using a living will to leave instructions for your doctors about the healthcare that you want, you could draft a medical power of attorney, selecting an agent who can make your medical decisions in real time.
But, naturally, you do not want to give up your right to make your own medical decisions today. As you are putting the plan in place, you want to be careful to ensure that you retain all rights and decision-making abilities. That is why a springing power of attorney is so important, as it helps to define when your agent is able to take over on your behalf.
Have you been declared incapacitated?
Much of the time, a springing power of attorney will list incapacitation as the triggering event. The power of attorney itself can be written at any time. But only when you have been declared incapacitated does it “spring” into action, taking your decision-making abilities away from you and giving them to your selected agent.
For example, you could draft a medical power of attorney at 25, when you first make your estate plan. Forty years later, at 65, you could suffer from a heart attack or a stroke that leaves you incapacitated in the hospital.
During those 40 intervening years, your agent does not have to do anything for you, and you retain all legal power yourself – but your agent will still be there when you need them to make decisions about medical procedures, healthcare needs or even end-of-life care.
Drafting your estate plan
Planning for future medical events is an important part of estate planning. As you create your plan this year, be sure you know what legal options you have.