POWER OF ATTORNEY

What are Power of Attorney Documents?

Power of attorney documents are designed to bring peace of mind to individuals who are beginning to consider what will happen to them if they are no longer able to care for themselves. If you become incapacitated through illness, injury, or aging, you can appoint another person to handle your finances. The person you appoint can act on your behalf financially; this is helpful even during a temporary incapacity when you cannot sign a check and someone needs to pay the monthly bills, for example.

The power of attorney document is one of the most powerful and useful estate planning devices because the only alternative to the power of attorney is a conservatorship, which costs the client much more time and expense than a power of attorney.

 

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What Are the Different Types of Power of Attorney Documents

Medical Power of Attorney
Durable power of attorney for health care is the medical power of attorney that grants power to a trusted person to make health care decisions on another person's behalf. The selected agent will work with doctors and health care providers to ensure that the person who created the document receives the type of care that he or she desires.

Financial Power of Attorney
With a financial power of attorney, you can prepare a "durable power of attorney for finances," which is a document that allows a family member or friend to exercise full authority to handle financial matters. The individual who is appointed is often referred to as the agent or attorney-in-fact.

Durable General Power of Attorney
Durable powers of attorney are documents that allow the individual to select a primary and alternate attorney-in-fact who can conduct business transactions and operations on his or her behalf. This power would go into effect if the creator of the power of attorney became incapacitated.

 

Call (918) 884-7791 for your complimentary phone consultation.