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A Power of Attorney is a document where you grant another party (called an agent) the
right to make certain decisions on your behalf when you aren’t able to make them for
yourself. There are two main types of Powers of Attorney, which are:
• Medical Power of Attorney – A medical Power of Attorney will allow another party
to make all your medical decisions if you are unable. If you have an accident and
are unconscious, they would decide what (if any) treatment you would receive.
They are obligated to act in your best interest, but will have quite a bit of leeway.
Choosing someone who you trust to make the same types of decisions that you
would is very important.
• Legal Power of Attorney – The person who is granted Legal Power of Attorney
will be the one who makes all legal and financial decisions on your behalf if you are
unable. This would include managing your investments, deciding where you should
live, buying things on your behalf, and much more.
You can name the same person or group to be both the medical and legal Power of
Attorney. You can also choose either an individual or an organization to give Power of
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Estate planning can get quite complicated, and it is very important that everything is
handled properly. When done correctly, however, estate planning can help you protect
your estate, minimize the taxes that need to be paid, and keep your estate out of
probate court when the time comes. Contact us to go over your current situation and
see what you need to get started.