For many, estate planning can be an incredibly overwhelming and often complicated legal process, as you’ll not only need to consider what will happen to your assets, but you must also consider how you will care for your beneficiaries. However, you’ll also need to plan for your own future, including who will handle your finances and medical care in the event you cannot manage these matters yourself. As such, you’ll want to read the following blog to learn about the benefits of a healthcare proxy and power of attorney, as well as the differences between these two roles. In addition, you’ll discover the importance of working with St. Louis estate lawyers to guide you through these matters.
What Are the Differences Between a Healthcare Proxy and a Power of Attorney?
First and foremost, it’s critical to understand that a healthcare proxy is formally referred to and recognized as a durable power of attorney for healthcare in Missouri. However, despite the similarities in the names, these two roles are very different.
Typically, a power of attorney is someone you will appoint to handle important financial matters on your behalf, like managing your bills, making investments, and even funding trust funds you’ve established. When establishing a power of attorney, it will generally take effect upon signing, unless stated otherwise. Additionally, as the creator, you retain the ability to revoke this authority at any time.
A healthcare proxy, or durable power of attorney for healthcare in Missouri, is the right of a person you choose to appoint to make medical decisions on your behalf in the event you become incapacitated or otherwise unable to make these decisions yourself. Unlike a standard power of attorney, you’ll find that this will only take effect when a medical professional deems you incapacitated, whether due to a coma or degenerative brain disease, among other reasons.
Which One Do I Need for My Estate?
If you’re unsure whether you should establish a healthcare proxy or power of attorney for your estate, it’s generally in your best interest to pursue both. Not only can establishing these roles help you achieve peace of mind for the future, but it can save valuable time and money. When there is confusion about who can make important decisions on your behalf, your loved ones must undergo a lengthy and costly legal process, which can take up valuable time and resources. As such, having these matters handled early on is critical to protecting yourself and your loved ones.
At Stobie Family Law Group, our dedicated legal team understands how difficult these matters can be. That is why we are committed to helping you fight for the best possible outcome for your circumstances. When you are ready to establish your estate plan, contact our team today to learn how we can guide you through these matters.
