Durable Power of Attorney provides for a person’s care when accidents, cognitive degeneration and other inevitable effects of aging occur. In these times of difficulty, medical and financial powers of an attorney make life easier for you and your family.
An Overview of the Durable Power of Attorney
What is Power of Attorney? It is a document that enables one to make a decision on someone else’s behalf. It is only applicable if the person involved becomes mentally incapacitated or fails to decide for her or himself.
With a certified and valid power of attorney, the appointed or trusted person is granted permission to take care sensitive matters for you. It means he or she has the authority to manage your finances, investments or directing your medical care – if so, under certain conditions.
Due to aging and life’s uncertainties, making an effort to create a power of attorney is a good investment. It boosts your family’s security when you’ve reached a particular stage or when something unexpected happens, and you can no longer decide for yourself. It’s better to prepare than the latter.
Financial versus Medical Power of Attorney
Financial Power of Attorney
This particular document can be simple and be complex depending on the nature of finances. Some of the scopes under this paper can be used for single transactions or in closing a real estate deal. While the comprehensive one is designed to entrust all financial matters to the appointee if the owner because mentally incapacitated. Moreover, you can add other professionals such as a personal accountant to help the ‘agent’ or ‘attorney-in-fact’ act in mundane tasks.
Medical Power of Attorney
The medical power of attorney and the durable power of attorney for health care is the same. It is created solely for the purpose of granting power to make medical and health care decisions for the person involved. The chosen ‘agent’ is responsible for following the client’s wish according to the living will. He or she should consider every physician’s recommendations on the medical interventions as long as it is an acceptable hospital practice.
It is also advised to choose a second person to act on behalf of the first choice in the event that the first agent is unavailable to make the decision.