Estate Planning - Inverted Pyramid
Most people approach Estate Planning with the idea that the Last Will and Testament is the foundation which needs to be laid first and as soon as possible at that. After that they may think a Power of Attorney is most important since it deals with the protection of your finances. Only after the first two (2) documents are discussed do people usually think about having a Health Care Directive also known as a Living Will.
I view things a bit differently. Both the Power of Attorney and Living Will are documents which will be used during your lifetime and which, in most scenarios, will have you aware post-facto of what was done under one or both of these documents. Your Last Will and Testament, on the other hand, is a document which when used will mean that you are no longer with us and you will never really know what happened as a result of that document being in place.
Given this understanding, I believe that most people would or should view their Health Care Directive as the most important document to have in place. Your very health and determinations regarding what you find acceptable or not acceptable regarding medical treatment has to be in this document. It is easy to find a proxy, someone close to you to make your medical decisions when you cannot. However, it is not easy but it is important, to provide instruction to that proxy so that the responsibility you have given to the proxy is not so burdensome. Remember, this is most likely a loved one who is now responsible for deciding your very medical treatment! Having clear and explicit instructions as to what they should do in most instances will relieve that burden and it will actually keep you in control of your future health.
A Power of Attorney is similar but usually simpler in that you want your proxy to have as much power as possible to deal with all eventualities. Also, there is no emotional burden as compared to your proxy on your Living Will.
Finally, a Last Will and Testament is important and needs to be tailored to make sure your wishes are clear and effectuated.
At Gallo & Gallo, we seek to personally tailor these documents to your beliefs and desires. Don't just have the drawn up boilerplate as you most likely will not get what you truly want. Moreover, as regards the Living Will and Power of Attorney, if not drafted properly, you may find yourself waking up to a health or financial situation which you could have avoided!