A power of attorney is a useful legal document to include in your estate plan. It allows you to designate someone else to make decisions on your behalf. These decisions could involve medical care, legal matters or financial affairs, depending on the type of power of attorney you choose.
However, you may be concerned about retaining your decision-making rights while planning ahead. For example, if you are considering a medical power of attorney, you may still want full autonomy over your healthcare decisions for now. Does creating a power of attorney mean giving up that autonomy to the agent you select?
A springing power of attorney
It is wise to plan in advance, and you can still draft a power of attorney without relinquishing your current rights. The key is to use the correct type of document. In this case, you may want to create a springing power of attorney.
A springing power of attorney only “springs” into effect if you become incapacitated. As long as you retain your full mental faculties and can communicate effectively with your medical team, you maintain control over your decisions. However, if you become unable to make decisions—such as being in a medically induced coma or experiencing cognitive decline after a stroke—your designated agent can step in to act on your behalf. This approach ensures that you are not giving up your rights prematurely—but you do have a plan in place for when assistance may be necessary.
As you can imagine, it’s essential to carefully consider all your legal options and use the correct documentation to achieve your estate planning goals. Working with an experienced attorney can help ensure everything is set up properly.
