Healthcare and Property Power Of Attorney
When it comes to estate planning, one of the most important things to consider is power of attorney. A power of attorney (POA) gives another person the authority to make decisions on your behalf in financial or medical matters. There are different types of power of attorney, each with its own specific purpose. If you need to determine whether a healthcare POA or property POA will be the right choice for your situation, an estate planning lawyer can provide guidance and legal help.
At The Marques Eason Law Group, we provide multiple types of estate planning services, and we work with individuals and families to help them make important decisions regarding end-of-life care, management of financial issues, and other matters. We can advise you on the best ways to use powers of attorney, and we will make sure to address any concerns you may have about protecting your rights and ensuring that your wishes will be followed. We will answer your questions and make sure your mind is put at ease as you prepare for whatever the future may bring.
Healthcare Power of Attorney
A power of attorney for healthcare gives a person the authority to make medical decisions on your behalf if you become incapacitated. This can include consenting to or refusing certain treatments, choosing a healthcare facility, and accessing medical records. You may create a healthcare POA to address issues such as:
- Major surgeries or other invasive treatments - When undergoing a significant medical procedure, you may be concerned about what could happen if you are unconscious for an extended period of time or otherwise become incapacitated. With a healthcare power of attorney, you can make sure a trusted loved one will be able to make decisions for you, and you can detail your wishes for specific procedures you want to be followed or the types of treatments you should receive.
- End-of-life care - A healthcare power of attorney can also allow you to have a say in what happens during the last stages of your life, such as when you are terminally ill or have reached an advanced age. You may want to specify whether or not you wish to receive certain forms of life support, and you can appoint the person who will make these decisions for you if necessary.
Financial Power of Attorney
A power of attorney for property, also known as a financial power of attorney, gives a person the authority to handle your financial affairs. This can include managing bank accounts, buying or selling property, handling investments, operating a business, applying for benefits, addressing issues related to insurance policies, and paying bills or financial support on your behalf. You can establish a property POA to address situations such as:
- Incapacitation - If you expect to be unable to make decisions for a certain period of time due to health issues, you can appoint someone to take care of your financial matters while you are incapacitated.
- Extended absence - If you plan to be away from home for an extended period, such as a long vacation or business trip, you may want to appoint someone to handle any financial issues that may arise during this time.
- Major financial deals - If you will be unavailable when a significant financial transaction is being completed, you can name a person who can handle these issues for you. For example, a family member or business associate may attend a real estate closing on your behalf, and a financial POA will give them the right to sign documents and complete the transaction.
A financial POA may be temporary, and it may only give your agent limited authority to address specific issues within a short window of time. However, a power of attorney can also be put in place indefinitely if necessary, such as when an elderly person wishes to have a family member handle their finances and ensure that their needs are met.
Contact Our Evergreen Park Financial and Medical POA Attorney
Choosing the right type of power of attorney for a specific situation is an important part of estate planning. You will need to decide who you trust to act on your behalf and what type of authority you want them to have. Working with an experienced estate planning attorney at 773-973-3755 can help ensure that your wishes will be carried out according to your plan. To learn more about how we can help you incorporate a property or healthcare POA into your estate plan, contact our office at 773-973-3755 and set up a consultation.