Power of Attorney
Financial Power of Attorney
A power of attorney designates an agent to act on your behalf to the extent of the authority granted in the document and last as long as you are “legally competent” or your death. A power of attorney may survive your “legal incapacity” if the power is “durable”. A durable power of attorney is effective until your death unless you revoke it beforehand. A power of attorney can deal with your medical decisions and your financial affairs. A power of attorney that deals with your financial affairs is commonly referred to as a “general durable power of attorney”. This document gives your agent the ability to handle virtually all of your financial affairs in the event that you become incapacitated. This will negate the need to have someone go to court and appointed as your conservator to handle your financial affairs. The cost of a conservatorship can be quite high relative to the cost of having a general durable power of attorney.
Medical Power of Attorney
A durable medical power of attorney allows your agent to make medical decisions for you in the event that you are legally incapacitated and no longer have the authority to make decisions on your own behalf. This can be a temporary incapacity due to an automobile accident to a permanent incapacity if you or your loved one suffers from advanced stages of dementia. Your agent will be allowed to make medical decisions for you, place you in a facility for assisted living, contact your insurance company in order to deal with health insurance related matters and direct doctors, nurses and hospital staff regarding your care. Contact the attorneys to discuss your matter.