powers of attorney
financial POA
Planning for disability is an important part of your overall estate planning and one part of the plan that many people tend to either overlook or not prepare for well enough. They think having a Last Will is enough, because they never believe they might eventually become incapacitated. We all know that death is inevitable, so after your death almost any matter can be easily handled with a well-drafted Will that properly distributes all your assets and names competent persons to handle those affairs. But what happens if you become incapacitated and remain in that condition for months or even years? Do you have someone you can trust to manage your personal and financial affairs for you while you are still living? Good estate planning means planning for the unexpected, even it the unexpected is unlikely to happen.
A General Power of Attorney (“GPOA”) is an important part of the disability planning arsenal. A GPOA is a document that allows a person that you appoint (known in various states as either the “agent” or “attorney in fact”) handle the powers set forth in the instrument. The powers given can be very broad (allowing the agent to do practically anything that you could do if you were not incapacitated) or limited (allowing the agent only to do certain acts, known as a “Limited Power of Attorney” or “LPOA”). Having a POA can also eliminate the necessity of having a costly and time-consuming guardianship created, where all matters concerning your finances are governed by the local probate court. Banks, financial institutions, title companies and others are authorized to deal with your agent so there is no disruption in the management of your financial affairs.
A power of attorney terminates immediately upon the death of the person (the “Principal”) creating the power. Most states now provide that the power of attorney can be durable, meaning that the fact that you are incapacitated does not terminate the ability of the agent to act. However, the Principal must specifically provide in the written instrument creating the power that it will be durable. If that language is not there, the power of attorney is only effect if you are not incapacitated.
Don’t leave this important document out of your estate plan. Howell Legacy Planning can help craft the right type of POA and help you think about what you might need it for, when you might need it and the right people to name as your agents.
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medical power of attorney
There is a chance in your lifetime that you may be seriously injured, ill, or otherwise unable to make decisions regarding health care. If this should happen, it would be helpful to have someone who knows your values and in whom you have trust to make such decisions for you using a Medical Power of Attorney.
The Medical Power of Attorney is a document signed by a competent adult (the person creating the power is known as the "principal") designating a person that the principal trusts to make health care decisions on the principal's behalf should the principal be unable to make such decisions. The individual chosen to act on the principal's behalf is referred to as an "agent." The following questions and answers are related to the Medical Power.
When does the Medical Power of Attorney go into effect and how long is it effective?
It is effective immediately after it is executed and delivered to the agent. It is effective indefinitely unless it contains a specific termination date, it is revoked, or the principal becomes competent.
When does the agent have the right to make health care decisions on the principal's behalf?
An agent may make health care decisions on the principal's behalf only if the principal's attending physician certifies in writing that the principal is incompetent. The physician must file the certification in the principal's medical record.
Who should be selected as an agent?
The principal should be knowledgeable about your wishes, values, and religious beliefs, and in whom you have trust and confidence. In the event your agent does not know of your wishes, that agent should be willing to make health care decisions based upon your best interests.
Can there be more than one agent?
Yes. Although you are not required to designate an alternate agent, you may do so. The alternate agent(s) may make the same health care decisions as the designated agent if the designated agent is unable or unwilling to act.
Having a Medical Power of Attorney is an important part of your estate planning. Howell Legacy Planning can guide you in thinking about who should act as your agent and in naming them, what they can and cannot do.
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