A power of attorney (POA) is a document that allows you to appoint a person or organization to manage your affairs, business, or some other legal matter if you become unable to do so. There are many different types of power of attorney. Some are very similar in nature, while others are unique. Some of the most common types of power of attorney include durable power of attorney, non-durable power of attorney, power of attorney for health care, power of attorney for finances, springing power of attorney, limited power of attorney, and general power of attorney. Smith & Smith is here to help you determine which type will work best for you.
A general power of attorney gives broad powers to a person or organization (known as an agent) to act in your behalf. These powers include handling financial and business transactions, buying life insurance, settling claims, operating business interests, making gifts, and employing professional help. General power of attorney is an effective tool if you will be out of the country or just out of pocket and need someone to handle certain matters, or when you are physically or mentally incapable of managing your affairs. A general power of attorney is often included in an estate plan to make sure someone can handle financial matters.
A durable power of attorney for health care, also called a medical power of attorney, health care directive, or health care proxy, is another way to provide binding instructions about health care desires. The person you name to be the director of your healthcare should be someone you trust very closely, as they will be allowed to speak and discuss your condition with doctors on your behalf. They will also be able to make important medical decisions that may not be expressly covered in your living will. An attorney will be able to advise you on a good choice for a candidate for this particularly important role.
If you feel you may need to set up a power of attorney for yourself or for a loved one, the first step is to speak to an experienced estate planning lawyer at Smith & Smith who can help draw up the correct paperwork. This is not something you should leave to chance by doing it yourself. You need to ensure your affairs will be taken care of according to your wishes no matter what. Contact Smith & Smith today and let us assist you with this vitally important matter.