When it comes to planning for the future of your estate, the option to get a power of attorney has probably been mentioned. The power of attorney can be either yourself or another person whom you grant control over certain decisions. The power of attorney can be granted access to all of your affairs, or you may decide to only give them power over certain things. When considering a power of attorney, remember that there are different kinds and they don’t all function the same way.
The general power of attorney has power over affairs that you grant them. This is the most basic form of the attorney, and you can give them access to your financial or legal matters as you see fit. Your attorney may pay taxes or take care of bills for you, and they may make decisions over contracts or other legal documents. You can make several people your power of attorney, splitting the responsibilities between them. A general power of attorney only works as long as you are mentally sound.
A durable power of attorney remains in charge even when you become mentally incapacitated. Some people are aware that their mental health is declining, so they assign a durable power of attorney to make decisions for them when they can’t do so for themselves. Others get a durable power of attorney in case of an emergency or accident that incapacitates them. While a general power of attorney is great when you are mentally sound, it cannot help you otherwise, which is why making the attorney durable is a good option.
Finally, the healthcare power of attorney is the person you entrust to make vital healthcare or medical decisions for you if you become incapacitated. For example, if you get in an accident that leaves you in a coma, your healthcare power of attorney can talk to doctors and insurance on your behalf and make decisions based on your wishes. Speaking to your healthcare power of attorney before any misfortune is essential so you can discuss what you want done in a worst-case scenario.
Placing someone in the position of power of attorney is a big decision. You want to make sure you’ve picked the right person and filled out the correct paperwork so that no mishaps arise when you can no longer make decisions. Discussing your affairs with a lawyer, like an estate planning lawyer in Alexandria, LA from Theus Law Offices, is a great way to confirm you’ve done everything properly.