Have you ever consider using a power of attorney document in your estate plan? If you have ever wanted to protect yourself in the event of a disability or terminal illness, you should consider using this document. Whether you choose to create a financial power of attorney or a healthcare power of attorney, you may be doing yourself a great favor.
Take a look at some of the information to learn more about the use of these documents. If you have any questions, or if you’d like to create a power of attorney, meet with an estate planning attorney.
A healthcare power of attorney…
- This document allows you to appoint an agent who will be responsible for helping to make important medical decisions regarding your health.
- Your agent will serve his or her duty if you become incapacitated and can’t make medical decisions.
- You may also choose to create a living will, which will specify the type of healthcare that you wish to receive, including discussing your treatment preferences regarding end of life measures. Your agent must follow these wishes.
- Without a healthcare power of attorney in place, your loved ones may have to go to court in order to get court approval to help make your medical decisions. This can be a very costly and timely process.
A financial power of attorney…
- This document allow you to appoint an agent who will be responsible for making important financial decisions.
- Your agent is able to serve once you become incapacitated; or, sooner, if you choose to have help with your finances.
- Your agent will handle a variety of responsibilities including paying your bills, accessing your money, filing and paying your taxes, and more.
- Without a financial power of attorney, your loved ones may be required to go to court in order to get the approval needed to manage your finances. This can take time and can cost a lot of money.
If you want to always have a plan in place for the care of your finances and medical decisions, consider creating a healthcare power of attorney or a financial power of attorney. If you have additional questions or if you’d like to create a power of attorney, consult with a qualified estate planning attorney.