One of the most common terms used in estate planning is “power of attorney.” In fact, it`s one of the most important documents you can have, and there are different types of powers, each with its own rules and regulations. A general continuing power of attorney allows someone to act on a variety of legal and business matters and remains in effect even if you are unable to work. The document is also known as the standing power of attorney for finance. The power of attorney can take effect immediately or only take effect if you are unable to work. A general power of attorney is an effective tool if you are out of the country and need someone to handle certain issues, or if you are physically or mentally unable to manage your affairs. A general power of attorney is often included in an estate plan to ensure that someone can handle financial matters. The question “Do I need a power of attorney?” is only the first question. Once you have decided that a power of attorney is required, you must ask yourself, “Who do I trust to be my proxy?” A power of attorney for health is a type of power of attorney that allows your agent to make medical decisions for you, while a financial power of attorney allows your agent, who could be someone other than your health worker, to manage your finances if you are unable to do so. Healthcare proxies allow someone you trust to make important decisions about your medical care. Without a power of attorney for health, your loved ones won`t be able to access your medical records or request treatment for you. Plus, your health proxy trumps what other family members want – if there are disagreements between loved ones, doctors know they need to follow the health proxy, rather than what people who aren`t your health workers want. With respect to the period during which a power of attorney is in force, a power of attorney under traditional law takes effect when it has been duly signed by the principal and has terminated when the principal has become mentally incapable. (In general, incapacity for work means that the person is unable to make decisions or communicate.) More recently, two other options have arisen: A temporary or special power of attorney can also be limited to a certain period.
While much of estate planning is focused on finances, a comprehensive estate plan should also help you prepare for the medical or health decisions you`ll need to make in the future. Therefore, a medical power of attorney, also known as a standing power of attorney for health care, is essential. A power of attorney for health gives your agent the power to make medical treatment decisions for you if you are unable to do so. This may be because you are mentally unable to make an informed decision or unable to communicate a decision. The agent`s power is not limited to end-of-life decisions (often covered by a living will), but extends to medical decisions that are not necessarily a matter of life and death. For example, you may be temporarily unconscious due to a car accident, and your agent must weigh the benefits and risks between immediate surgery and testing medications first. When deciding to create a power of attorney, think about all the aspects you want an agent to manage and think carefully about the person or people you hold responsible for your affairs, especially in the event of incapacity. What if you were away from home and your child had a medical emergency and someone had to sign a consent form? An interim medical power of attorney could solve the problem. Find out more about how to get a medical power of attorney for a child. However, you want to choose someone as your representative you can trust to make the same medical decisions you would make if you weren`t unable to work. Although a person acting under a power of attorney for medical decisions is obligated to make those decisions based on the health wishes you have communicated to them, you still place a great deal of trust in them.
Name someone who later decides not to ignore your wishes. A person acting under a power of attorney is a trustee. A trustee is a person responsible for managing some or all of another person`s affairs. The syndic must act with prudence and fairness towards the person whose affairs he administers. Anyone who violates these obligations may be sued or held liable in civil proceedings. A parent or guardian has the authority to act on behalf of their child. This is especially important when it comes to consenting to medical treatment and making other medical decisions. As long as a parent (or guardian) is available, no power of attorney is required for your child. However, if no parent is available to sign a medical consent form, for example, another adult may be allowed to do so with a document commonly known as a power of attorney for children or power of attorney for minor children. Living wills are documents that detail your wishes for your care if you are unable to work or terminally ill and need someone to make medical decisions for you.
A power of attorney is a document that allows you to ask a person or entity to manage your property, financial or medical affairs if you are unable to do so. Such a document is different from a patient prescription or living will, which describes the treatment you want when you are at the end of life and can no longer communicate. A power of attorney for health, on the other hand, designates a person to make medical decisions if you are unable to do so yourself, even if you are expected to make a full recovery. A power of attorney for financial matters must be signed by the client either before a notary or before two witnesses. If you authorize your agent to handle real estate matters, they must be notarized so that they can be registered. A power of attorney is essential if you are unable to work or if you are not physically present to make decisions on your own behalf. To learn more, check out our in-depth guide. Why all these different types of powers? You may find that you want someone to make medical decisions for you, such as: Your spouse, but your business partner is better able to make business-related decisions. There are many reasons to use a power of attorney, and there are many types of powers.