Everything You Need to Know About Power of Attorney

Overview

The most fundamental components of a sound estate plan are your Powers of Attorney. It is imperative your Power of Attorney, both General and Health, are people you trust to carry out your estate plan how you drafted it. Your Durable Power of Attorney will be in charge of all your financial and legal dealings. It is paramount the person you appoint is someone reliable and dependent to uphold your instructions. Your Healthcare Power of Attorney has the authority to make choices for you regarding all medical concerns. These people will be your voice. Essentially, your Power of Attorneys will speak for your monetary, legal, and medical biddings once you pass or become incapacitated. The people you choose for these positions should not be considered lightly. The professionals at Ross Estate Planning, LLC will not only help you fully comprehend these terms but also ensure you select the appropriate individuals to assign this control.

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 limited Powers or extensive Powers. The Agent’s authority can be revoked or altered 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 cannot do so. The Agent can do various 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 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 Healthcare Power of Attorney is much like other Power of Attorneys where an Agent is designated to make decisions on your behalf. With a Healthcare Power of Attorney, the Agent is given the control to make decisions on your behalf when it comes to your healthcare decisions. Your Healthcare Power of Attorney may be the most important document of your estate plan. The Agent will have full control over your medical care, including the decision to withhold lifesaving medical treatment. Your Agent will have control over your funeral and burial arrangements and be able to donate organs on your behalf. As the Agent in a General Durable Power of Attorney, the Agent in your Healthcare 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 you must 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 cannot communicate them yourself due to disability. You should name an alternate Agent in all of your Powers of Attorney if the first Agent you request is unable or unwilling to serve. With the help of your Agents, you can be sure that your healthcare 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.

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