A durable power of attorney (POA) provides your elderly loved one with
an option to have a trusted friend or relative handle important financial
and health-related matters. Specifically, your parent, called the “principal,”
may appoint a relative or friend, called an “agent,” to manage
healthcare, financial, and legal matters.
There are 2 types of POAs:
- Healthcare POAs
- Financial POAs
Healthcare POAs allow the agent to make decisions regarding medical procedures
and treatments for the principal. On the other hand, financial POAs give
the agent the power to handle legal and financial aspects. These include
managing assets, dealing with the IRS, handling taxes and debts, and making
other important financial decisions.
Understanding the Benefits of POAs
If you don’t have a POA in place, and you become mentally incapacitated
or otherwise unable to make medical or financial decisions, your family
will be powerless to help. A relative will have to go to court and be
named your official guardian. This is a complicated process, so it is
helpful to have a POA in place before you reach this point.
POAs can be enacted immediately, or they can be designed to go into effect
once you become unable to make your own decisions. In order to make a
POA valid, you must be in good mental condition and of sound mind. It
is important to note that the POA may be altered or revoked at any time,
given you are still of sound mind. The person you appoint will be able
to make decisions regarding your health and finances, so it is necessary
to choose someone you trust and who has a thorough understanding of relevant matters.
Call Our Springfield Estate Planning Lawyers Today at (417) 658-4172
At Worsham Law Firm, we provide informative legal assistance to clients
in the estate planning process. If you want to draft a durable power of
attorney, or you want to better understand your estate planning options, our
Springfield estate planning attorneys can answer your questions every step of the way. With more than 20 years
of legal experience, our firm can provide the guidance you need.
today to request an initial consultation.