A Basic Guide to Powers of Attorney

What are powers of attorney? Powers of attorney are documents that give another person legal authority to act on your behalf.  This can include everyday matters, child care, medical care, or other purposes that you see fit.

What are the benefits of a power of attorney? Powers of attorney will allow your money, family and personal information to stay out of the courtroom.  Going to court can be time consuming, expensive and stressful.

How do I get a power of attorney? Powers of attorney can be obtained through the estate planning process.  An estate planning attorney can help to ensure that you have the correct powers of attorney for your specific needs. 

How would you describe the different kinds of powers of attorney? There are different powers of attorney for many different needs:

• A health care power of attorney authorizes someone to make medical decisions for you. A health care power of attorney is different from a living will, which only allows you to express your wishes concerning life-sustaining procedures.
• A child care power of attorney authorizes someone to make education, medical, and other decisions for your child and also gives them custody of your child. It is affective if you are still living but disabled and unable to care for your children.
• A financial power of attorney authorizes someone to manage your assets and daily business affairs. It is usually effective immediately. If you don’t want it effective until it’s needed, you can execute a “springing” power of attorney that will “spring” to life once you are disabled.

Who should as I choose as my power of attorney agent? Your agent under your health care power of attorney should care about you and be able to communicate well with medical staff.

Your child care power of attorney agents would be the same people you name as guardians of your children in your will. They should love and care for your children and want to raise them in a similar way as you would. 

The financial agent would be the same person you name as your disability and death trustees. This person cares for you, is organized and able to keep accurate records, and is able to communicate well.

If you have any questions about powers of attorney, contact a professional estate planning attorney.