Powers Of Attorney: How Can One Benefit You?
A power of attorney is one of the most important topics in planning your estate. A power of attorney enables you to give legal authority to someone else to act as your agent in case you become incapacitated. And unlike what it sounds like, the agent doesn’t have to be an attorney at all. It can be your spouse, your grown child, or anyone you feel you can trust to make the best decisions for you.
Your designated agent or attorney manages your financial affairs if you’re rendered unable to do so, whether by a stroke or other medical condition. Ideally, you would choose someone that you’ve shared how you want your affairs handled under various circumstances.
A power of attorney can be a limited power of attorney or general power of attorney. A limited power of attorney is usually temporary and limits the functions of the person you designate. For instance, you may appoint someone to just sign checks so that bills may be paid.
Another type of power of attorney allows your appointed agent to have the same power as you. They can make any decision that would normally be left up to you.
A power of attorney can take effect immediately upon signing or it can be expressly written that it doesn’t take effect until and unless you’re incapacitated. In either case, it’s highly important that conditions are clearly written out in the document.
You may also want to consider a Health Care Power of Attorney. If you’re unable to communicate your wishes concerning your health care, it’s in your best interest to have a proxy who understands which actions or decisions you’d make under certain circumstances. Because there would likely be life or death decisions involved, you should choose someone you trust.
Talk to an attorney about designating a power of attorney sooner rather than later. You want to avoid being without one when the time comes that you need one.
What Is A Healthcare Power of Attorney?
A healthcare power of attorney empowers someone else to make healthcare decisions on your behalf. You’ll want to appoint someone you literally trust with your life.
Your healthcare power of attorney should be highly detailed for any given scenario and you should be specific about your wishes.
What Is A Durable Power of Attorney?
A durable power of attorney allows you to appoint someone you trust to manage your property, assets, and financial affairs if you become unable to do so.
As you near the end of your life, it can become more challenging to pay bills, make financial decisions, and file and pay your taxes. A designated person can do these things for you.
During the final days, months, or even final years of your life, your health becomes center stage. You’ll have healthcare concerns on top of financial concerns and both must be adequately addressed.
Get Experienced Guidance For End-Of-Life Matters
End-of-life care can be overwhelming and confusing. Contact an estate planning and elder law attorney at Wyatt & Butterfield, LLC to help you through the process.
Seek the help of a committed Anchorage attorney to draft these important legal documents for you.