When you select a power of attorney, you name a person you can trust to act in your place if you become incapacitated. A durable power of attorney can speak for you while you are incapacitated and no longer has a say once you pass away. Naming a power of attorney will help you while you are alive and receiving care. However, the will takes over once someone dies.
Why Should You Specify a Power of Attorney in Your Estate Plan?
If the will names all the beneficiaries for your assets after your death, why do you need an estate plan with a specified power of attorney? You should always be prepared for the unexpected. While no one plans on having a period of time before they die where they cannot make sound decisions, it is always a possibility. You will want someone you trust to take over important happenings in your life, including medical and financial decisions.
Two Types of Power of Attorney
As you specify who you would like to choose for your power of attorney, consider two types of power of attorney that commonly come up.
· Medical Power of Attorney: Whether you need a decision on which type of surgery to choose or if you would like to be on life support for an extended period, you will need a medical power of attorney. This person will make vital medical decisions, hoping to match what you would choose for yourself if you could.
· Financial Power of Attorney: When it comes to your day-to-day finances, a financial power of attorney should resume things as normal while you are unable. This may include paying your mortgage, bills, employees, collecting rent from your tenants, or managing your investments.
Talk with people you trust to teach them about your preferences for medical decisions. You can also choose someone close to you who knows about your financial dealings to keep things running smoothly while you are incapacitated.
You can name your power of attorney with the help of our team at Miles & Hatcher, LLP. A legal document must be signed before your chosen power of attorney can make decisions on your behalf. Call to schedule a free consultation: (909) 481-4080.