A power of attorney is defined as a legal document that gives the person of your choice the power to act on your behalf. If you do not have a durable power of attorney and you become incapacitated, it becomes up to your relatives or family members to decide who will manage your affairs. When an individual is either ill or incapacitated, it is often necessary for someone to step in and handle the financial and/or healthcare decisions. To avoid leaving this decision up to a court, you need to obtain a power of attorney that gives the authority to make decisions to the person of your choice. Should you ever become incapacitated and unable to handle matters on your own, you’d want a durable power of attorney in place, so that the document stays in effect once you are incapacitated rather than becoming invalid, as ordinary powers of attorney do in the case of incapacitation. Although it is possible to have just one power of attorney document for both medical and financial power of attorney, it is not advisable.
The Two Kinds of Powers of Attorney
Medical Power of Attorney is a document that spells out your healthcare wishes in case you are ever too ill or too injured to speak for yourself
Financial Power of Attorney is a document that gives someone the authority to make financial decisions on your behalf. For a durable power of attorney for finances, this individual can also make financial decisions for you if you become incapacitated in any way
You can find out more about the financial side of estate planning on our estate planning page.
You may not think that you need a power of attorney if you are married or have a living will or some other circumstance. However, a durable power of attorney will make everything easier for your family should you ever become incapacitated. Some institutions can even refuse to work with a spouse without a valid power of attorney document in place, and a living trust is not a complete substitute for a durable power of attorney for finances. Incapacitation or death of a family member is quite traumatic, and for something this important it is in you and your family’s best interest to obtain the assistance of an attorney experienced with power of attorney legal services.
When a married couple gets a divorce, a family court judge may order one spouse to make monthly "alimony" or spousal support payments to the other, based either on a ...
Not all legal transactions are personally entered into by a person. Some of these transactions are through an agent known as attorney in fact via a document giving power of ...
Right location is an important factor to running a successful business. A strategic location can give you the right customers and publicity. You may find the right location perfect for ...
Social Security Advisory Board has asked whether the Social Security disability definition should be changed in some fundamental way. The Disability Policy Panel studied this question at length and reached ...
Are you a writer or a photographer? Are you an individual who takes on jobs on a contract basis? Are you a freelance caterer who gets paid per booking? Or ...
Law and order are the two most important aspects for a nation to grow.There are different types of laws.Federal laws apply to everyone whereas State and Local laws apply to people ...
Dui (DUI), generating while intoxicated (DWI), drunk(en) generating, drink generating, working under the impact, generating under the impact, or impaired generating is the criminal activity of generating a automobile with ...
Just because you work in a company that has workers compensation doesn't mean you're entitled for coverage right away. Although it's very unfortunate that you met an accident or that ...
There are mistakes that will definitely affect your landlord business and these are what you should avoid.
1.Tenant discrimination intentionally or unintentionally. This warrants a one-way ticket to a legal proceeding. ...
There are different kinds of real estate transactions such as commercial leases, residential rentals, single-family home, and investment property transactions. To make sure that your real estate transactions run smoothly, ...
Affordable Power of Attorney Lawyer
How to Deal With Zoning Problems?
Social Security disability definition
Basics for Sole Proprietorship
DUI:Driving under the influence
Workers Compensation: Different illness and injuries covered
Top reasons that can severely affect your landlord
How a real estate attorney can help you