One of the most critical parts of an estate plan are powers of attorney.
What is a Power of Attorney?
When you sign a Power of Attorney, you give another person legal permission and the authority to act on your behalf. The person to whom you provide authority is known as the Agent. An Agent can be given very specific powers or very broad powers. The Agent’s authority can be revoked or altered you at any time.
What is a General Durable Power of Attorney?
A general durable Power of Attorney grants another person the authority to handle your non-medical matters when you are unable to do so. The agent is able to do a variety of things, including pay your bills, manage your daily expenses, make purchases on your behalf, invest your money, and much more. Because of the significant responsibilities bestowed upon the agent, in this case, you want to make sure that you can trust the agent and that they care about you. The agent should also be mature and have good financial and record-keeping skills.
What is a healthcare Power of Attorney?
A health care Power of Attorney is much like other powers of attorney in that an agent is designated to make decisions on your behalf. With a health care Power of Attorney, the agent is given the power to make decisions on your behalf when it comes to your health care decisions. This may be the most important document of your estate plan as the agent will have full control over your medical care, including the decision to withhold lifesaving medical treatment. Your agent, we’ll have control over your funeral and burial arrangements and be able to donate organs on your behalf. Just as the agent in a general durable Power of Attorney, the agent in your health care Power of Attorney should be somebody you trust and who cares about you. This person could very well have your life in their hands, so it is imperative that you trust them.
Why should I have a Power of Attorney?
A Power of Attorney is vital in making sure that your wishes are carried out even if you are unable to communicate them yourself due to disability. You should name an alternate agent in all of your powers of attorney in case the first agent you name is unable or unwilling to serve. With the help of your agents, you can be sure that your health care and financial wishes are being respected even if you are incapacitated or disabled. Implementing powers of attorney are some of the most important things you can do when planning your estate.
