Is a Power of Attorney Necessary?
Power of Attorney
A comprehensive estate plan involves much contemplation about how you want your wishes carried out after your death. You know you should create a will, but there are other documents that you need to consider having on-hand with your attorney. Some of these documents are for use while you are still alive and may become important, especially towards the end of your life. A power of attorney document can go a long way in ensuring that your wishes remain at the forefront of anyone’s mind.
The Function of a Power of Attorney
A power of attorney is a legal document that transfers your legal rights to another person in certain circumstances. A durable power of attorney is continual and remains in place for as long as you cannot function properly. A limited power of attorney is the opposite and is usually used for a specific purpose, such as signing legal documents on your behalf during a transaction. The important thing to consider is the person you want to represent your wishes and best interests. This person may be a relative or a close friend. They should know that they are being chosen for this purpose, and they should be comfortable carrying out your decisions regardless of the circumstances.
The Medical Power of Attorney
A medical power of attorney allows someone else to choose a course of medical care. This document is activated upon your inability to speak or think clearly. Once you are under anesthesia, for example, a medical power of attorney may trigger, should something occur during a procedure that you are not conscious of to decide. A living will is also good to have to go along with a medical power of attorney.
The Financial Power of Attorney
When you are incapacitated, you will still have bills to pay. A financial power of attorney grants the legal right for someone else to handle your money. This person may be the same as the medical power of attorney, or it can be a different person. Some choose two different loved ones, so as not to burden only one person. A financial power of attorney can fully access your money, assets and property. They can also buy and sell stocks and such property as necessary for paying your bills while you are ill.
Power of attorney documents are just a small part of what should go into a thorough estate plan. If you would to see assistance from an estate planning lawyer, then a firm like Yee Law Group, PC can be of assistance.