Powers of Attorney
Accidents are a part of life; you need to be prepared. A power of attorney allows you to name someone you trust to protect your finances and your health in an emergency. This person has the power to make decisions on your behalf whether they be medical, financial, or related to your property. Having a power of attorney in place before difficult situations arise affords you the protection of your chosen agent without delay.
When discussing a power of attorney, certain legal terms are applied. The person creating the power of attorney is referred to as the principal. The agent is the person the principal has appointed to make decisions on their behalf under certain circumstances.
Who can be my Agent under a Power of Attorney?
The wonderful thing about powers of attorney is that you can select anyone to act as your agent. Whether your trust a family member, a life-long friend, or a mentor to handle your affairs, they can be named as your agent.
Power of Attorney for Health Care Decisions
A power of attorney for health care decisions takes effect in the case that the primary suffers an accident or other episode which renders them incapacitated. Your agent is able to do things like signing documents for you or making decisions about whether you receive certain treatments or not.
For added peace of mind, you can tailor a health care power of attorney to your specific needs. The primary can choose ahead of time, through their power of attorney, what sort of care or treatment they would like to receive in certain situations. As you get older, or if you are facing certain health challenges, it is good to be prepared for any emergency that might arise. A medical power of attorney ensures that your wishes are made known in cases when you might not be able to advocate for yourself.
What is a General Power of Attorney?
Similar to a health care power of attorney, a general power of attorney can also give your agent the ability to act on your behalf. Rather than allowing your agent to manage your medical decisions for you, a general power of attorney allows them to manage your finances. Your chosen agent can be given access to your bank accounts so that they can manage your mortgage, utilities, and other bills. You can also choose to give them authority to manage other assets on your behalf, such as your property or real estate.
Personalizing your Power of Attorney
Another great aspect of powers of attorney is that they can be limited to only a certain amount of time. If you are traveling out of the country and need assurances that your health and finances will be cared for in unforeseen circumstances, a power of attorney can be limited to this specific period of time.
In order to ensure you are covered in any situation, you can also elect to have your power of attorney be “durable.” This means that if you become incapacitated, your power of attorney is not terminated after the chosen time or circumstance has passed.
Contact Fortress Law & Realty today so we can get this safety net set up for you and your loved ones. Visit our contact page to set up a phone consultation free of charge.