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All adults should have an estate planning attorney help them prepare for the unexpected. To create a comprehensive estate plan, you’ll likely need powers of attorney — documents authorizing a chosen person to make decisions on your behalf, whether immediately upon signing or at such time as you’re unable to express yourself.  There are different types available, including medical and financial powers of attorney. The introduction below will help you understand the distinction.

A Primer on Medical & Financial Powers of Attorney

What Financial Powers of Attorney Are

As the name implies, the financial power of attorney allows you to pick a person who will make decisions about your finances should you become unfit, incapacitated, or volunteer to delegate your responsibilities. You and your estate planning attorney can make their authority as broad or as narrow as you choose. You may only need them to help you with one ongoing transaction, such as a real estate purchase, or you may want them to be more hands-on, paying bills, depositing checks, liaising with Social Security, and supervising your investments. They can also use your funds to hire an accountant, tax expert, or other financial professional to help them manage matters.   

How Medical Powers of Attorney Work

estate planning attorneyMedical powers of attorney — or health care proxies, as they’re sometimes called — make choices about your medical treatments if you’re unable to communicate your preferences. These individuals can consent to or refuse certain treatments, grant visitation rights for friends, family, and well-wishers, and authorize autopsies. They can’t, however, make choices about end-of-life care, except to follow directives provided in a living will. You can create such a document with the help of an estate planning attorney.

How to Choose Your Stand-Ins

You can appoint one trusted individual, like your spouse, to both roles. Nominating a different person to each position also has advantages. Your health care proxy will be privy to sensitive information that you may not want other parties to know, and vice versa. Managing all tasks can also prove overwhelming for one person. If opting for this route, make sure you select two people who work well together: the financial broker may have to use your funds for the medical decisions your health representative makes. They should both be competent and trustworthy adults. You can revoke their names at any time before you become incapacitated should your circumstances change.

 

Anticipating future financial and health care concerns can be daunting. For all your needs, turn to the estate planning attorneys at The Law Offices of Charley Johnson in Leon County, TX. For over 35 years, they’ve helped clients protect their assets and well-being, whether they’re crafting thorough estate plans or deftly navigating probate law. Call them at (903) 536-2185 to schedule a consultation or visit them online to learn more.

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