Power of Attorney
Most people do not truly understand just how important it is for them to have a will and to understand what power of attorney is and why they might need it. In fact, polls have shown that less than half of the people in the United States do not have a will, and this is going to cause problems for them and their family members down the road.
What Is a Power of Attorney?
A power of attorney is simply a document that will let you choose one person, or even an organization, that will have the ability to manage your affairs if for some reason you are no longer able to do so on your own.
It is important to understand that there are several different types of powers of attorney, and they are going to provide the person making your decisions with a different level of control.
A general power of attorney will typically provide the broadest range of powers to the agent who is operating on your behalf. This can include the ability to settle claims, operate business interests, provide gifts, employing help, buying life insurance and handling business and financial transactions. This can be useful for those who are no longer able to care for their affairs due to mental or physical reasons, or it could be used by someone who is going to be out of the country for a while and who will need someone to take care of their business matters. These are typically included in an estate plan.
With a special power of attorney, you will determine what type of powers the agent is going to be capable of exercising. This is a limited version of a general power of attorney. A health care power of attorney is an option that will allow an agent to make medical decisions for you in the event that you are unconscious and able to do so on your own.
A durable power of attorney is not a different type of POA. Rather, it can be a general, special, or health care POA that ensures that the original POA remains valid even if you were to become mentally incompetent. You may also want to specify in the power of attorney that you cannot be declared mentally incompetent until certain conditions are met, such as having two separate medical professionals agree on your capacity.
As you can imagine, you need to be very careful when you are choosing an agent for your POA regardless of the type. You need to have someone that you can trust and who you know has your best interests in mind.
Work With the Best Attorney
Whether you need to have help drafting or changing your general or medical power of attorney, you must be sure you are choosing only the best attorneys to help with your estate planning. Get in touch with the attorneys at the Law Offices of Eugene Mogilevsky, LLC. today. We have a wealth of experience and knowledge when it comes to providing our clients with estate law expertise. You can call us, email us, or click the button and set up a consultation.