For many, estate planning can be overwhelming. Not only does this require you to consider your own mortality, which can be upsetting, but you’ll also need to make tough decisions regarding your heirs and assets. However, one crucial part of estate planning you may not yet have considered is who should serve as your healthcare proxy or power of attorney. If you’re unsure what these roles entail or the differences between the two, you’ll want to keep reading. The following blog explores what you should know about these matters, as well as the importance of working with Tampa estate planning lawyers to discuss your legal options.
What Are the Differences Between a Healthcare Proxy and a Power of Attorney?
While both a healthcare proxy and a power of attorney grant someone of your choosing the authority to make important decisions on your behalf, the similarities typically end there. Generally, a healthcare proxy, also called a healthcare surrogate in Florida, is someone you appoint to make important medical decisions on your behalf in the event you become incapacitated or otherwise unable to make these choices. Typically, a healthcare proxy is someone familiar with your wishes, like a close family member or friend, and will advocate for the care you want on your behalf. Generally, this role becomes active when a medical professional deems you incapable of making these important decisions on your own.
A power of attorney, on the other hand, is someone who who you can appoint to make financial decisions on your behalf, like managing your finances, making investments, and even funding trusts. Typically, this will go into effect immediately, but you can specify if you would like this to occur at a later date. Additionally, you can revoke this authority at any time.
Which One Do I Need for My Estate?
If you are ready to plan your estate, it’s important to consider the benefits of establishing both a power of attorney and a healthcare proxy. Establishing both as part of your estate plan can help ensure that you have peace of mind, and all aspects of your estate will be handled in accordance with your wishes.
Not only can this provide security, but it also helps save time and money. In the event you become incapacitated, your family would need to petition the court to gain legal rights to make these decisions. This can not only be incredibly stressful, but could also waste valuable time. As such, having these matters already figured out can be incredibly important.
When you are ready to create your estate plan, the team at Tampa Law Group is here to help. We understand how difficult these matters can be to navigate, which is why we are committed to guiding you through these complicated times to help you feel confident in the future. Contact us today to learn how we can fight for you.
