Powers of attorney are CRITICAL elements of your estate plan…
Powers of Attorney and Elder Law
Is your loved one facing a major age related decision? Do you worry how to take care of your aging parents?
- Is your Health Care Power of Attorney available to your advocate?
- What are your rights when hospitalized?
- What level of care do you want, and how far should it go?
- Do you need to find a new place to live, or to arrange for assisted care?
- What rights do you have as a person in the world of nursing homes and Medicaid?
- Do you have a valid Financial Power of Attorney?
- Who do you want handling your financial affairs if you can’t?
- When can they begin to assist you?
- What do you need to do to be ready and eligible for Medicare?
- What do you do if Social Security stops your payments?
Financial Powers of Attorney
The financial power of attorney is designed to let someone you trust (your agent) manage your affairs when you cannot. You can name almost anyone to this role, as long as you trust them, and you can give them future or immediate control. We usually suggest that you act immediately, but plan to grant financial powers to your agent only after it is determined that you lack capacity to manage your own financial affairs. You can name more than one person to this role.
If you do not have a designated attorney-in-fact (or, agent) named the state will provide one. That might not be whom you wanted, and the person might not manage your affairs as you would want, but, someone will have to do it. It is much better to understand the rights and responsibilities and to name the person you trust.
No matter how large your estate… everyone should have a valid, recorded Power of Attorney.
Medical Powers of Attorney and Advance Directive
A different kind of power of attorney is a “health care power of attorney,” which empowers the attorney-in-fact to make health care decisions for the grantor, up to and including terminating care and ending life support. The agent works in tandem with the “Advance Directive.”
Health care decisions may include the power to consent, refuse consent, or withdraw consent to any type of medical care, treatment, service or procedure. Some health care limitations are possible.
Related to the health care power of attorney is a separate document known as an advance health care directive or “living will”. A living will is a written statement of a person’s health care and medical wishes but does not appoint another person to make health care decisions.
Note: The advance directive may take precedence over decisions by your health care attorney-in-fact.
Want to know more? Schedule a 30-min no obligation strategy session today!