Everyone will someday need someone to act as their power of attorney, which is why the role should be assigned before it becomes necessary.
The Role of Power of Attorney
A person acting as power of attorney is responsible for making medical, financial, and estate decisions on behalf of the incapable person, who has become incapacitated due to injury, illness, or death. The responsibilities of the power of attorney, or agent, vary depending on their specific title.
General Power of Attorney
A general power of attorney is responsible for making financial decisions and handling government responsibilities that their person is unable to complete.
Limited Power of Attorney
A limited power of attorney only has the powers and responsibilities prescribed to them by the document in which they are given their powers. Their responsibilities can be major or minor.
Medical Power of Attorney
A medical power of attorney is responsible for making medical decisions on their person’s behalf. The medical power of attorney should know their person’s healthcare plan and be willing to make tough decisions should something not be included in the plan. Schedule a consultation to learn more about durable power of attorney for health care.
When a Power of Attorney Becomes Effective
Depending on the situation, the power of attorney can become effective as soon as their role is created or as soon as their person becomes incapacitated. The document should specify when exactly the position becomes effective, and this can be determined based on the situation and needs.
What Makes a Durable Power of Attorney Durable (DPOA)
Unlike other powers of attorney, durable powers of attorney remain intact even if the agent becomes mentally incompetant, meaning they can no longer make informed decisions for themselves. The reason it’s durable is because it lasts a lifetime.
What You Need Beyond a Durable Power of Attorney
It should be important to note that power of attorney, durable or not, does not replace most estate planning documents. A will, healthcare directive, and insurance papers still need to be available and ready.
If you would like to assign your power of attorney, contact Dimension Law Group. We are experienced in building comprehensive plans and drafting documents that will fulfil every need.