What happens if a sudden injury or illness happens to a family member or loved one and they can no longer manage their financial affairs or make medical decisions for themselves? If you want to avoid an expensive and drawn-out court process, a financial power of attorney and health care power of attorney are two key parts of an estate plan that you should be considering.
A financial power of attorney is a legal document that lets you appoint someone to manage your finances and property for you. These tasks could include paying bills, making bank deposits, collecting your insurance benefits, and more. If you don’t have a financial power of attorney in place, the court will appoint someone to oversee your affairs, which can take time and cost money. Also, the person the court appoints may be different than the person you would have chosen had you made a financial power of attorney. By appointing a trusted person to act as your financial agent before you actually need one, you can ensure your finances and property are handled according to your wishes.
A healthcare power of attorney is a legal document that allows an individual to empower another person to make decisions about their medical care. The healthcare power of attorney helps people who cannot communicate their wishes regarding medical care and treatment. Healthcare powers of attorney can communicate with the patient’s doctors to prevent unwanted treatments and avoid making the wrong decisions for the person who is incapacitated.
If you, your spouse, or another loved one is concerned about becoming incapacitated or if you are facing this challenge, reach out to the attorneys at Sinclair Prosser Gasior to review or create your estate plan today.