Power of Attorney
Take Charge of Your Future with Power of Attorney
Granting someone Power of Attorney is a vital decision for securing your future. By designating a trusted individual to manage your affairs when you’re unable to, you ensure that both your financial and healthcare choices are carried out as per your wishes.
What Is a Power of Attorney?
A Power of Attorney (POA) is a legal document that authorizes someone to make financial or medical decisions on your behalf if you are incapacitated or unavailable. This tool is essential for ensuring your best interests are protected during challenging times when you’re unable to manage them yourself.
Benefits of Power of Attorney:
- Financial Protection
Your designated agent can oversee your bills, investments, and other financial matters, ensuring there’s no disruption in managing your financial obligations. - Healthcare Decisions
A healthcare POA ensures that your medical treatment and decisions are made in accordance with your preferences if you are unable to communicate them. - Avoiding Court Intervention
Having a POA in place means you can avoid the need for a court-appointed guardian if you become incapacitated. - Peace of Mind
Knowing that a trusted person is handling your affairs brings reassurance to both you and your family, knowing your best interests are in capable hands.
FAQs
Below, we address common questions regarding different types of Powers of Attorney (POA), when they come into effect, and how they can protect you and your family.
What is the difference between Durable and General Power of Attorney?
A Durable Power of Attorney remains valid even if you become incapacitated, while a General Power of Attorney is only valid while you’re still able to make decisions. For most estate planning needs, we recommend the Durable Power of Attorney.
When does a Power of Attorney become effective?
A Power of Attorney can become effective as soon as it’s signed or only under specific circumstances, such as your incapacity, depending on your preferences.
Can I appoint multiple people as my agents?
Yes, you can assign co-agents who will work together, or you can designate alternate agents in case your first choice is unable to act on your behalf.
Can I change or revoke my Power of Attorney?
Yes, as long as you are mentally competent, you have the right to revoke or modify your Power of Attorney at any time.
Does a Power of Attorney give full control over all of my assets?
Not necessarily. You have the option to limit the authority granted in your Power of Attorney to specific assets or decisions.
Do I need both a Financial and Healthcare Power of Attorney?
Yes, it is generally advisable to have both. A Financial Power of Attorney helps manage your assets, while a Healthcare Power of Attorney ensures your medical decisions are made according to your wishes.
