When planning your estate in Ohio, it’s imperative to understand that there are a number of tools you can utilize to help ensure your wishes are honored. Many assume their only option is to create a Will, which is a great foundational document. However, you’ll find that appointing certain individuals to carry out important roles can also ensure your estate is handled in accordance with your wishes. Unfortunately, many are unsure of the differences between a Power of Attorney and a Healthcare Proxy. If this reflects your circumstances, you’ll want to keep reading to learn how these two options differ, as well as the importance of working with a Medina, Ohio estate planning lawyer to explore your options and determine what is best for your future.
What Is the Difference Between a Healthcare Proxy and a Power of Attorney?
First and foremost, it’s important to understand that in Ohio, a Healthcare Proxy is formally referred to as a Healthcare Power of Attorney. In general, a Power of Attorney is something you grant to an individual of your choosing, which in turn allows them the right to make decisions on your behalf in the event you become incapacitated or otherwise unable to communicate your wishes.
A “standard” Power of Attorney is someone you have granted the right to make financial and legal decisions on your behalf. This includes matters like managing your finances, making investments on your behalf, or funding Trusts with property. Typically, once it’s created, your Power of Attorney will take effect, unless stated otherwise.
However, a Healthcare Proxy, or Healthcare Power of Attorney, is someone you will appoint to make medical decisions on your behalf. This includes making decisions regarding the kind of treatment you receive, end-of-life care, and even whether or not to be taken off of life support. Typically, a Healthcare Power of Attorney will only take effect when a medical professional deems you unable to make these important decisions on your own.
Which One Do I Need for My Estate?
While a Healthcare Proxy and Power of Attorney may seem similar, these two roles are very different and have important distinctions. As such, you’ll find that it’s generally in your best interest to appoint both of these roles as part of your estate plan.
Not only does this ensure that you have all aspects of your life covered in the event you become incapacitated, but it also provides the necessary peace of mind that someone is making important financial decisions while another person is able to make medical decisions on your behalf. Additionally, this can help avoid legal issues, as failure to address these matters can result in court proceedings for your family to be able to make these decisions.
As you can see, taking the time to plan your estate ahead of time is critical to ensure your wishes are honored. At Krause Law, our team understands how difficult these matters can be to navigate, which is why we will do everything in our power to help you through these challenging times. When you need assistance, our firm is here. Contact us today to learn how we can fight for you.
