21 Feb The Power of Having Powers of Attorney
You’re a responsible adult who pays the bills and makes decisions about your health care as needed. You run your own life, but what if someday, something happens and you’re unable to make important decisions? Who will step in and make them on your behalf? That’s where your powers of attorney come in.
What is a power of attorney?
A power of attorney is someone who steps in and makes decisions for you in the event you’re unable to make them on your own. People have two types of powers of attorney: a medical power of attorney and a durable power of attorney. A medical power of attorney handles your medical decisions and health care. Your durable power of attorney handles your finances and assets. You designate your powers of attorney by completing estate planning documents.
Who are your powers of attorney?
Your powers of attorney are whomever you want them to be. People often choose their spouse or a family member as their powers of attorney. It’s best to choose someone familiar with your wishes and who you trust with your finances. You can name the same person as both your durable and healthcare powers of attorney, select different people for each position or even name more than one person for each role. Since your estate plan is customizable, it’s up to you to decide what’s best. Your attorney can and should give you advice during the decision making process.
What are the benefits of naming powers of attorney?
Naming powers of attorney in your estate plan has several benefits. One, having designated powers of attorney means you have the opportunity to choose who makes decisions for you. If you don’t name powers of attorney and something happens, the courts will step in and name powers of attorney for you. They typically choose a close relative. However, the person they choose may not have been your top choice. Second, having pre selected powers of attorney prevents your family members from having to deal with more stress on top of your current situation. It’s easier for everyone involved and best for you if you do some planning and name powers of attorney just in case something happens.
How can Boyum Law Firm help you?
Boyum Law Firm can help you with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law, click here.