 TITLE: How to Plan Your Estate as a New Parent CONTENT: Assign Power of Attorney\n------------------------\nDeciding on your health care and financial power of attorney is another key element of an estate plan. There are two basic types of power of attorney: financial and health care.\n**Financial power of attorney**: Giving someone financial power of attorney allows that person, known as your _agent_, to make decisions and act on your behalf regarding your finances and property. Power of attorney can be limited to certain situations or be more general; it can be temporary or permanent. For instance, _durable_ power of attorney gives your agent permission to make financial decisions for you even after you become incapacitated due to illness or accident.\n**Health care power of attorney**: Health care power of attorney gives your agent permission to make decisions about your health care if you can't do so. For instance, if you had a serious car accident and were in a coma, the agent could decide what types of measures the doctors should take to keep you alive. Making these tough decisions will be easier for your agent if your estate plan includes a living will, a document that explains the kind of medical care you want in different situations. A living will is sometimes combined with a power of attorney and called an advance directive or health care directive.\nMany people name their spouse or other family member as their agent for financial and healthcare power of attorney. However, you can choose anyone you trust who is age 18 or older. As with executors and guardians, it's wise to name secondary agents in case your first choice cannot fulfill their duties. END