The thought of no longer being able to make decisions for yourself is likely to be very distressing. However, any estate planning attorney will advise you to appoint one or more individuals to act on your behalf if you’re unable to look after your affairs. This can be done through the drafting of powers of attorney. Often, people wait too late to make these types of arrangements. However, it’s necessary if you want to protect yourself, your family, and your medical and financial wellbeing. The attorneys at Carlson, Edwards, and O’Connor highly recommend that you contact us about drafting your powers of attorney.
Powers of Attorney Explained
Your powers of attorney can be drafted to meet your specific needs. The four main types of powers of attorney are:
- General power of attorney. This allows you to appoint an agent to make financial and property-related decisions on your behalf. The agent can be anyone you trust with your money such as a relative, friend, or financial advisor.
- Medical power of attorney. This document authorizes another person to make medical decisions on your behalf. If you were injured or ill and unable to make decisions regarding your care, your agent would make decisions regarding how, when, and where you should be treated. Many people appoint their spouse or adult children as their medical power of attorney.
- Durable power of attorney. This combines the medical and general durable powers of attorney to authorize someone else to make both medical and financial decisions for you.
- Limited power of attorney. This allows you to specify the rights you want to give to your agent.