A power of attorney is a document whereby you designate another person, an “agent” or “attorney-in-fact”, to make important decisions for you. There are two important power of attorney documents to include in your estate plan:
- The Statutory Durable Power of Attorney, and
- The Medical Power of Attorney
A statutory durable power of attorney document authorizes your designated agent to make decisions regarding your assets and, generally, it enables your agent to manage your assets. A medical power of attorney document authorizes your designated agent to make medical decisions on your behalf.
Having powers of attorney in place normally allows you, rather than a court, to choose the person who will be making decisions for you should you become incapacitated. Powers of attorney may help avoid a costly, time-consuming and emotionally-draining guardianship. Contact Mr. Jones for help.