Power of Attorney
Life happens: an accident, an illness. You find yourself in the hospital, somehow debilitated, unable to make decisions or care for yourself. Your loved ones are left with no way to help, unable to access important accounts or documents on your behalf, adding significant stress to the already stressful circumstances.
You can prepare for such possibilities by declaring a “Power of Attorney.” You have probably heard the term, but may not realize what an important document it is to have for life planning. This is a document that legally prepares you and your loved ones for situations and emergencies that might arise, providing for various areas of need.
Sometimes life happens in ways that we are unprepared for, such as becoming unable to care for ourselves due to an unexpected disability. Instead of just taking what comes along and dealing with the fall out, we should take steps to plan for those unexpected events. Hopefully they won’t happen; but if they do, you’ll be ready.
There are two main types of Powers of Attorney that everyone needs:
1) The Durable Power of Attorney - The Durable Power of Attorney gives your agent, or the person you appoint, the right to handle your financial affairs. In case of an emergency or some kind of incapacitation, you may be unable to handle simple things such as paying daily, weekly, or monthly bills. You may need someone to move money from a 401k or other account; or you may need someone to file taxes on your behalf, should you be unable to do so. A Durable Power of Attorney provides the access to accounts and legal provisions for someone to handle your affairs for you.
2) The Medical Power of Attorney - The Medical Power of Attorney gives your agent the right to make medical decisions for you if you are unable to do so yourself. This document can also give someone the ability to talk to doctors and insurance companies. (This document may or may not include end of life decisions that are more properly decided through a Directive to Physicians, something you can discuss with our attorneys at the time of your appointment.)
Powers of Attorney are a very inexpensive and simple way to help provide security for you and your love ones when an unexpected life event happens. If you would like to provide that security for your family or discuss these documents in more detail with an attorney, please contact us.
These documents should also be updated every few years. They can become “stale,” as your life situation may have changed since you first filed a Power of Attorney document. Also, if you have recently experienced a divorce, marriage, remarriage, or change in child custody arrangements, you may need to update your Power of Attorney documents. Schedule an appointment with us at Routzon Law today to make any and all changes.
If you don’t proactively plan for a potential disability, and you become incapacitated or are unable to make decisions for yourself, your family may be forced to seek a guardianship over you. This involves a legal proceeding that is costly, time consuming and potentially very emotional for you and your family. However, if you have the proper Powers of Attorney prepared in advance, your family could completely avoid such an emotionally and financially draining ordeal. Help your family and loved ones take care of you and your affairs by calling our office to draft your documents.
Contact our family attorneys at 817-616-0734 to schedule a time to draft or update your Powers of Attorney documents. Plan now to help you and your loved ones in time of crisis.