Understanding Durable Power Of Attorney
When someone suddenly cannot make important decisions regarding their medical treatment or financial affairs, it can be challenging to know what happens next. However, if that person has assigned a durable power of attorney (DPOA), the DPOA can step in and ensure the right decisions are made. If you are interested in learning more about DPOA, consider visiting with an experienced estate planning attorney at Fleurinord Law, PLLC. Schedule a confidential case evaluation today by filling out our online contact form or calling our office at (888) 904-2297 to get started.
What Is Durable Power of Attorney?
When an individual gives someone else the authority to make crucial decisions for them, this is known as a power of attorney. However, a durable power of attorney is important when someone becomes incapable of making their own financial or medical decisions. Should this happen, and a person cannot make these decisions due to mental or physical incapacitation, the durable power of attorney can step in and ensure the proper decisions are made.
Individuals can choose anyone they like to act as their durable power of attorney. However, since a durable power of attorney will take on a wide array of responsibilities, it is imperative to select a DPOA who they trust to handle their affairs as intended. A dedicated estate planning attorney at Fleurinord Law, PLLC can help draw up all durable power of attorney documents, select the right DPOA based on an individual’s specific needs, and ensure the proper decisions are outlined to ensure your legal and financial rights are protected.
Medical Durable Power of Attorney
A medical durable power of attorney is responsible for handling any major health care decisions that need to be made when an individual is incapable of making these decisions for themselves. Some may suffer from debilitating illnesses, while others may have been involved in catastrophic accidents and suffered critical injuries.
A medical durable power of attorney is similar to a healthcare directive. Individuals can name someone to make crucial medical and healthcare decisions on their behalf. It is essential to discuss some of the more common types of medical decisions that may need to be made before incapacitation. Hence, the medical durable power of attorney is aware of what decision should be made.
Also commonly referred to as a healthcare proxy, the medical durable power of attorney will work closely with healthcare providers to ensure your medical wishes are fulfilled as intended. Including these decisions in a living will or healthcare declaration may be well-advised. The medical durable power of attorney and health care declaration is often combined in a single document known as an advanced directive.
Financial Power of Attorney
A financial power of attorney is responsible for handling an individual’s finances and financial transactions when they can no longer do so due to physical or mental incapacity.
Also commonly referred to as an agent, the financial power of attorney can handle a wide array of financial obligations, including:
- Managing retirement savings accounts
- Managing investment portfolios
- Depositing Social Security checks
- Making sure regular monthly household expenses are paid
- Filing tax returns
Since the financial power of attorney often has complete control over an individual’s finances, selecting a party who is completely trusted, financially savvy, and has no economic interest in handling the estate is essential.
Why You Should Consider Both Kinds of DPOAs
Having both kinds of durable power of attorney documents for important and critical decisions can make it easier for your selected agent(s) to understand the instructions and make educated decisions.
It is also possible to choose two separate agents – one that can handle the medical power of attorney decisions and one that can handle the financial power of attorney decisions. Those who decide to name two different parties as their medical and financial power of attorney should be sure to select individuals who can work well together. For example, the financial power of attorney may need to cover the individual’s medical expenses, while the medical power of attorney will be tasked with making critical medical decisions.
How to Select Your Durable Power of Attorney
Those unsure how to select the right durable power of attorney may need to work closely with their estate planning lawyer to consider their options. This is particularly true for those dealing with complex estates, finances, or existing medical conditions.
Once you have decided who will act as your durable power of attorney, it is important to visit with them and discuss what financial and medical decisions should be made on your behalf. This is also the right time to discuss any questions or concerns the agent might have about their responsibilities and how to follow the instructions within the estate plan.
Contact an Estate Planning Attorney for Help Today
Having a durable power of attorney is important for anyone who wants to be sure their significant financial and healthcare decisions can be made when they become incapable of doing so on their own. Those interested in working on these crucial estate planning details and assigning a durable power of attorney can do so by contacting the experienced estate planning attorneys at Fleurinord Law, PLLC, for a confidential case evaluation. Complete our online contact form or call our office at (888) 904-2297 to get started as soon as today.