One day you are healthy and strong; sick and incapacitated the next. If you are someone who has simply a lot of good things going on in his life, then you might as well be prepared for any eventuality. One of the most often useful pieces of document that people use to assign responsibility for certain decision-making in the event that they can no longer do so is the power of attorney.
A power of attorney is one of the simplest, easiest, and often inexpensive ways of ensuring that someone equally competent can make the right decisions for you in the event that you are no longer able to. It is more like a written authorization where you will be assigning someone else to represent you or act on your behalf in matters such as business, financial, and healthcare concerns.
For example, if you think that your health condition is deteriorating and there may come a point when you will not be able to make a decision as to certain aspects of your medical treatment, then a healthcare power of attorney can authorize someone else to make the decision for you. Likewise, if you get sick or become incapacitated and you simply cannot manage your finances anymore, a financial power of attorney can authorize another person to manage your finances for you.
In certain instances not related to finances or to healthcare but may require you to make decisions yet may be unable to do so because of incapacitation, then a durable power of attorney can be created. Additionally, if you want the authorization to only take effect upon a formal certification from a doctor that you are indeed incapacitated, then a springing durable power of attorney is advisable.
You should understand the implications of a power of attorney. Since you are essentially empowering someone else, known as the agent, to exercise decision-making functions on your behalf, it is imperative that you assign carefully who will be your agent. While in most cases the spouse is the agent, this is not always the case. This is especially true if you are in the process of divorce or are contemplating on getting a divorce.
If you fail to create and execute a durable power of attorney, a family member or a trusted friend will have to ask the court to impose guardianship or conservatorship on your behalf. It is for this reason that the durable power of attorney be executed at the most feasible time.
Distributed by NetJumps International
Company Name: Coleman Law Firm
Contact Person: Jeff Coleman
Address:581 S Duncan Ave.
Country: United States