No matter how old a person is or his or her income level, it is important to think about the future and make plans for contingencies. Through estate planning, a person can decide what will happen to his or her estate, leave specific things for beneficiaries, and even plan for health care needs in the future. However, certain common misunderstandings about estate planning can leave a person without the protection he or she needs.
When people think of a power of attorney, their mind often jumps to medical care. Healthcare powers of attorney are a common—and valuable—estate planning tool. However, there are many kinds of powers of attorney that individuals can use.