Power of Attorney

Healthcare Power Of Attorney

A healthcare power of attorney can be limited or general. Learn the differences between these two types of healthcare powers of attorney here.

A healthcare power of attorney is the document that appoints conservatorship for your estate. Conservatorship is the position of a person to make your financial decisions for you should you become incapacitated or disabled to the point that you could not make these decisions on your own.

Once you have been found incompetent, the conservator (the person who holds the conservatorship) must take control of all finances. The big difference between a conservator and the successor in a living trust is that the successor only takes control of the assets after your death. In a healthcare power of attorney, you are planning for someone to possibly take over your finances while you are still alive.

Some financial planners believe that a healthcare power of attorney and appointing conservatorship is more important than who you choose to be a successor trustee in your living trust, simply because you will be alive while it is going on. Not only will you be alive, but you will also be dependant on whomever you choose.

To create a healthcare power of attorney, you can contact your elder law attorney or your estate planning attorney or professional for consultation. They can explain how to set up your healthcare power of attorney inside your living trust, and they can help advise you on whom to pick for the position.