The differences between 3 estate planning documents:
1. A “Will” takes effect upon death. Your appointed “Executor” then has authority to distribute your belongings according to your Will. Your Executor cannot act during your lifetime.
2. A “Power of Attorney” is used during your lifetime and takes effect either upon a specified event occurring, e.g. the onset of an illness, or immediately after signing. Your “attorney” is the person appointed to manage your personal and/or financial affairs while you are alive. However, your attorney cannot make any health care decisions for you or redo your Will.
3. A “Health Care Directive” gives authority to someone else (your “Proxy”) to make health care decisions for you when you cannot. This document is only used in medical situations when you do not have the capacity to give medical instructions or consent.
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