Planning for one’s future does not stop at drafting wills and trusts. A Durable Power of Attorney is an important estate planning tool that everyone should consider. Unfortunately, there are times when a person can no longer make decisions for themselves due to a tragic accident, medical conditions, and even the aging process itself. In many of these instances, the ability to care for oneself and affairs can be gone in an instant. A Power of Attorney provides a chosen person the authority to act in one’s stead when he or she are incapacitated and cannot adequately communicate. Properly executing this document in tandem with healthcare directives can help a person retain control over how he or she wishes to be cared for and how their affairs should be handled. If you are interested in knowing more about this facet of estate planning or wish to retain our services, please contact Zimmet Law Group, P.C. for a consultation today.
What is a power of attorney?
A power of attorney (POA) gives authority to another for a range of matters, including medical, legal, and fiscal decisions. The subject of the POA is called the Principal. The person provided authority is called the Agent. The powers granted to the Agent can be as specific or as broad as the Principal wishes.
Types of Powers of Attorney
- General Power of Attorney: Authorizes your Agent to perform the acts that you would, including filing taxes, executing a contract and borrowing money. This type of POA take effect immediately and will expire once the Principal revokes it, becomes incapacitated, or dies.
- Durable Power of Attorney: A Durable POA provides the Agent the authority to act in your stead similar to a General POA. The main difference is that this POA survives instances when the Principal becomes incapacitated. This, with a healthcare directive, can be used to make medical decisions about the Principal’s end-of-life care and handle all other affairs.
- Limited Power of Attorney: Restricts the Agent’s actions according to the wishes of the Principal.
- Springing Power of Attorney: Becomes effective after a triggering event, including mental or physical disability.
The Importance of a Durable Power of Attorney
A Durable Power of Attorney can be equally important to an estate plan as having a will or trust. A mechanism to care for one’s business, financial, and personal affairs in the event of incapacity is important. Generally speaking, a Durable POA provides a person the authority to act in your place when you cannot adequately communicate your wishes.
End-of-life decisions
With a durable power of attorney and a healthcare directive, a person can decide on issues regarding their medical care when they cannot act for themselves. This can include whether you want artificial nutrition and hydration or what should happen to your organs after you pass. Declaring your wishes for your medical care and picking an Agent to act in your stead can help ensure that you live and pass according to your wishes while preventing disagreements between family members regarding what you would have wanted.
Contact Zimmet Law Group, P.C.
If you are developing a comprehensive estate plan, it is important to discuss drafting a Power of Attorney with an experienced estate law attorney. For decades, Zimmet Law Group, P.C. has guided clients through every facet of estate planning. Our firm is dedicated to every client and the future of their estate. To discuss your estate with a knowledgeable attorney, contact Zimmet Law Group, P.C.
