When most people think about estate planning, they immediately focus on wills and trusts. While those documents are certainly important, I believe the most critical pieces of any estate plan are the power of attorney and the medical power of attorney.

Yes, it’s wonderful to take care of your family, create a legacy, and plan to minimize taxes. But just as important—if not more so—is making sure you are taken care of while you’re alive. That’s exactly what powers of attorney are designed to do.

What Is a Power of Attorney and Why Do You Need One?

A power of attorney (POA) designates someone you trust to handle your finances if you become unable to do so yourself.

Imagine this scenario: you’re in a car accident and end up in a coma. Who pays your bills? Who manages your investments? Who makes sure your mortgage, utilities, and other financial obligations are taken care of?

Without a power of attorney in place, your loved ones could face legal hurdles and delays while trying to gain access to your accounts. With a POA, you ensure someone you trust can step in immediately to keep your finances on track.

The Medical Power of Attorney: Protecting Your Health Decisions

Equally important is the medical power of attorney. This document names a trusted person to make healthcare decisions on your behalf if you can’t speak for yourself.

In a medical emergency, difficult choices may need to be made about your treatment. Having a medical power of attorney in place ensures those decisions are made by someone who knows your wishes and has your best interests at heart.

Don’t Treat These as “Optional” Documents

Many people think of powers of attorney as minor pieces of the estate planning puzzle, but nothing could be further from the truth. These documents are essential. They protect you during your lifetime, ensuring your finances are managed and your medical care aligns with your preferences when you’re unable to advocate for yourself.

Take Action Now

If you don’t already have a power of attorney and medical power of attorney in place, don’t put it off. Choose the right people for these roles—people you trust implicitly to act in your best interest—and make it official.

Your future self (and your loved ones) will thank you.

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