Everyone should think about who they’d like to handle their affairs if they become incapacitated. There are several different legal ways to designate an agent, two of which are medical and financial power of attorney. While these legal documents sound similar, they have vastly different purposes. Read more to find out a few of the differences and ensure you hire a competent lawyer to explain the documents in more depth.

Medical Versus Financial Power of Attorney

Medical Power of Attorney

A medical power of attorney designates an individual to make medical decisions for you if you can’t make them for yourself. These decisions include temporary instances, such as when you’re under anesthesia and longer-term situations such as comas and degenerative brain disorders. You should choose a medical authority who feels comfortable with the responsibility and who understands your wishes about medical treatment. This individual should also be someone whom you trust. While a power of attorney will only go into effect when you’re incapacitated, this is still a tremendous responsibility. You should only designate one medical power of attorney, but you can name a backup.  

Financial Power of Attorney

Designating a financial power of attorney permits an individual of your choosing to oversee your finances. This legal document is commonly used to give a monetary professional, such as a financial advisor, authorization to act on your behalf. Your financial authority can also handle your finances when you are mentally or physically unable to do so yourself. Occasionally, they will use the designation in instances where you aren’t present to handle a financial matter yourself. While the financial authority takes effect as soon as you sign it, your designee can only act on your behalf when it is necessary. Even so, you should choose someone trustworthy, reliable, and financially competent.

Designate your financial and medical powers of attorney with the help of the talented legal team at Vernau Law in Granville, OH. This full-service family law firm is a family-owned business that serves clients throughout Licking, Knox, Franklin, and Muskingum Counties. With more than 25 years in business, you can rest assured that these lawyers have the experience needed to handle your affairs professionally and effectively. Schedule your first consultation today by calling (740) 587-2637 or visit the website to learn more about the practice.