Appointing Someone You Trust Requires Experienced Guidance
A financial power of attorney is an important part of an estate plan. A financial power of attorney is a document where an individual (the “principal”) grants a third party (“agent” or “attorney-in-fact”) the power to do certain things on your behalf. The powers granted can be limited, specific or very broad. A financial power of attorney can also allow the “attorney-in-fact” to act immediately or in the future (a “springing power of attorney”). Because this document allows another person to handle your business and private affairs, including signing your documents, it is vital to trust whomever you assign as your agent.
A financial power of attorney can become very important in the event of your temporary or permanent incompetency. It has many benefits but also carries with it risks. You should contact an attorney who can evaluate your specific situation and discuss both the benefits and the risks with you.
How A Health Care Power Of Attorney And Living Will Can Help
Another critical legal instrument for estate planning is a “health care power of attorney.” A health care power of attorney is a document that allows for a third party (“agent”) to make health care decisions for the individual (“principal”). A health care power of attorney generally is “springing”, meaning that if the “principal” is able to make health care decisions, then the “principal” cannot. Also, in the event that a “principal” is temporarily unable to make health care decisions, then the “agent” can only make decisions during that temporary period of time.
The “principal” may indicate special instructions or wishes that the “agent” should follow relating to specific medical care.
A “living will” deals with end-of-life decisions where the individual is in a permanently unconscious state. A “living will” does two primary things: first, it tells the care provider who to contract; and second, it provides what they can and cannot do. Even though a person can indicate their wishes in end-of-life situations, it is possible to leave these decisions up to the health care power of attorney.
Contact Lawson Legal To Learn More
Powers of attorney and living wills are vital estate planning documents that may prevent your family from having to pursue guardianship in probate court on your behalf should you become suddenly incapacitated. These legal instruments require serious consideration. It is essential to discuss your specific wishes and desires with an experienced attorney who will guide you in the right direction based on your desires. Contact Lawson Legal today and let us help you with your guardianship needs at 614-602-5300 or by email.