What is the difference between a living will and a power of attorney in estate planning?

As a lawyer, I can provide the following legal advice regarding the difference between a living will and a power of attorney in estate planning:

A living will is a legal document that outlines an individual's wishes for medical treatment in the event they become incapacitated or unable to make their own medical decisions. It typically includes instructions regarding life-sustaining treatments, such as ventilators or feeding tubes, and may also address end-of-life decisions, such as the use of palliative care or hospice. A living will only takes effect when the individual is unable to make their own medical decisions.

On the other hand, a power of attorney is a legal document that grants another person the authority to make decisions on an individual's behalf, including financial, legal, and medical decisions. The individual who grants the power of attorney is referred to as the principal, while the person who has been granted the power of attorney is referred to as the agent or attorney-in-fact.

In estate planning, a power of attorney can be used to ensure that an individual's financial and legal affairs are taken care of if they become incapacitated. This can include paying bills, managing investments, and making insurance claims. A medical power of attorney can also be granted to allow the agent to make medical decisions on the individual's behalf.

While both living wills and powers of attorney address important aspects of estate planning, they serve different purposes. A living will is focused on medical decisions, while a power of attorney can cover financial, legal, and medical decisions. In some cases, an individual may choose to create both documents to ensure that all aspects of their estate planning needs are addressed.

It is important to note that the laws surrounding living wills and powers of attorney can vary by jurisdiction. Therefore, it is important to consult with an experienced estate planning attorney to ensure that your documents are legally valid and fully address your estate planning needs.

In addition, it is important to regularly review and update your estate planning documents, especially if there are any changes in your personal or financial circumstances, or if there are changes in the laws governing estate planning in your jurisdiction.