durable power of attorney

What Is a Durable Power of Attorney, and Do I Need One?

In Estate Planning by casalmorenoblog

What Is a Durable Power of Attorney, and Do I Need One?

What happens if an accident renders you unable to tell your doctors what your wishes are? What if an illness kept you from handling your own finances? While you may not want to consider these possibilities, it’s important to prepare for it, because it does happen. Want to make sure your wishes are carried out in the event that you are incapacitated? You should set up medical and financial powers of attorney.

Durable Power of Attorney

Having a power of attorney can help make life easier for your family in case you are incapacitated. It is a legal document that names someone to act in your place in case you are incapacitated. What makes this form of a power of attorney “durable” is that it is still in effect if you can’t make decisions on your own.

With a durable power of attorney in place, you won’t have to worry about whether your wishes will be carried out after an accident or illness that leaves you unable to communicate. To make sure that your wishes for your finances and medical care are followed, it’s important to have two separate legal documents in place.

Medical Power of Attorney

A medical power of attorney lays out your wishes for your healthcare in the event that you can’t make decisions for yourself. When considering who to name as your medical power of attorney, you should think of someone you trust to act in your best interest, someone who will follow your wishes. Your medical power of attorney will communicate with your doctors and caregivers to ensure that you get the medical treatment that you would have wanted if you could communicate. You can further ensure that your wishes are carried out by creating a living will, which is a document that details how you want to be cared for in different circumstances, including end of life care.

Financial Power of Attorney

Like a medical power of attorney, a financial power of attorney will carry out your wishes in case of incapacitation, only a financial power of attorney handles your financial decisions. You can give your financial power of attorney as much or as little control over your finances. For instance, you might only want your financial power of attorney to handle simple transactions in your place. Or you could grant them complete control of your investments and accounts. You can name someone who is a financial expert themselves, but you don’t have to as your financial power of attorney can hire a professional and pay them from your estate.

Want to Set Up Your Durable Power of Attorney Today? Contact Us.

If you want to make sure that your health and finances are taken care of in case you lose the ability to make decisions for yourself, get in touch with the attorneys at Casal & Moreno today. We will work with you to put the protections that you need in place.