If something happens to you, do you have someone designated to make medical and non-medical decisions? A power of attorney (POA) is a legal document that grants an individual, often a family member, the authority to make financial and/or medical decisions on your behalf, even if you become incapacitated. It’s an important way to protect your loved ones, ensuring your needs are met and your wishes are adhered to.
Powers of attorney can be complicated and require a lot of attention to detail. The person who holds POA is called the “agent” or “attorney in fact.” People considering appointing an agent to manage their affairs should hire a lawyer who understands these matters for a thorough explanation and analysis of circumstances. Contact Elder Law Lawyers today to request your personalized consultation and explore your options.
Creating a Power of Attorney in Lexington, KY
Establishing a POA can be an important part of estate planning. Someone with a POA for you can be responsible for making financial decisions, considering health treatments, and having the power to act on your behalf. It’s important to have an objective advisor, like Elder Law Lawyers, on your side as you evaluate suitable candidates and necessary restrictions for your POA.
What Does a Power of Attorney Do?
Powers of attorney can serve the same objectives as advance directives or living wills, often called medical powers of attorney. Also referred to as contingency documents, POAs can be term-limited or good until revoked. Making alterations or creating a new POA is as simple as destroying the document and creating a new one, preferably with the assistance of a qualified attorney at Elder Law Lawyers.
Unlike guardianship, a power of attorney creates a permissive relationship between the person granting the power and a person receiving the authority to act as an agent. One of the most important aspects of a POA is that the principal can revoke it. Learn more about the benefits and suitability of this solution for your needs by requesting a consultation with Elder Law Lawyers today.
Your Power of Attorney FAQs
It is most important that individuals choose to have a power of attorney drafted if they have been recently diagnosed with dementia, Alzheimer’s, Parkinson’s, cancer, or some other disease that may require long-term care. Many people consider POA an asset to protect their rights and wishes as they age. Elder Law Lawyers can help you make the right decisions and establish legal protections for these situations.
When choosing someone for agency by power of attorney, it is important to consider who will be responsible for making decisions on your behalf, as well as what decisions they will be permitted to make. You should only grant power of attorney to people you trust.
How your POA is drafted can stipulate what kinds of decisions can be made on your behalf. Power of attorney documents are designed to bring peace of mind to individuals who are beginning to consider what will happen to them if they are no longer able to care for themselves or their loved ones. If you become limited through illness, injury, or aging, you can appoint another person to handle your finances and healthcare decisions through a POA.
A “durable” power of attorney allows the agent to act even if the principal is incapacitated. Contact us to learn which options might be best suited to your circumstances.
An agent can only do what the specific provisions of the documents say the agent can do. A power of attorney can cover a wide variety of things, mainly dealing with property and finances. A person can give another individual or loved one the authority to act on their behalf in regard to any of the following types of transactions without giving up control.
These transactions can include:
- Real property transactions
- Tangible personal property transactions
- Stock & bond transactions
- Commodity & option transactions
- Banking transactions
- Insurance & annuity transactions
- Estate transactions
- Personal & family matters
- Benefits from Social Security, Medicare, Medicaid, or other government programs
- Tax matters
Yes, there are different types of power of attorney agreements, specifically:
- Durable Healthcare Power of Attorney
- Durable General Power of Attorney
- Limited or Special Power of Attorney
Contact the Elder Law Lawyers team to discuss which type is most appropriate for your needs.
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Get in Touch with Us
Having a POA in place can provide you with the protection and support you need during challenging times. Our dedicated team of experts can help you navigate the intricacies of granting power of attorney, ensuring that your designated representative is equipped to make informed decisions on your behalf.
Give yourself and your loved ones peace of mind, knowing that your affairs are in capable hands. From financial management to healthcare decisions, our power of attorney services can help you establish a comprehensive plan for the future. Take the first step in securing your future by enlisting our trusted power of attorney lawyers today—contact us to request a consultation.