Power of Attorney: What You Need to Know

Although most attorneys would like to believe they have special powers, what we’re actually talking about when referring to powers of attorney is written legal permission to act in someone else’s behalf. The two most important powers of attorney granted are durable powers of attorney for medical and financial matters. These documents are important to have in place in the event that you are incapacitated sufficiently that you are unable to make important and necessary healthcare or financial decisions.

In the most general sense, a power of attorney allows you to give legal decision-making powers to another person/party. Durable powers of attorney differ from other powers of attorney in that they remain in effect even if you are incapacitated. Regardless of your age, health, or financial circumstances, it is wise to make such arrangements. Disaster can strike and the unexpected happens all the time and, in that unfortunate event, none of us would like our health or assets out of our control.

Financial Power of Attorney

A financial power of attorney should be approached in the same way. Your finances are more than just money. In many cases, the decisions that are made by an agent when a person is incapacitated have a major impact on family members and friends. Things like your children’s inheritance and your spouse’s retirement could be in the hands of someone else so you need to make sure those hands are trusted and aware of your wishes. As with medical power of attorney, this legal documentation is often combined with a written declaration of your wishes in a will or trust. These are personal decisions to be made with a lot of care. Consulting with a good attorney is vital because it will ensure that your decisions are given the legally binding backing they need to endure even if tragedy strikes.

Health Care Directive

When working with an attorney to prepare your medical power of attorney, also known as a health care directive, there are some important things to keep in mind. First, most obviously and most importantly, you should choose someone you can trust. Second, you should take the time to communicate with that person about your wishes regarding important healthcare decisions. In many cases, a medical power of attorney is combined with a health care declaration or living will in a single document so that your wishes are not only communicated but legally documented. In any case, you shouldn’t wait until “later” to lay out a plan.

Call J. Cutler Law Today

At J. Cutler Law, we offer free consultations for you and your business. We can aide you in preparing power of attorney documents and advising on the decision making process. Call us today for a free consultation at (801) 618-4469 or contact us online.