Having a power of attorney is very useful and an essential low-cost estate planning tool that people can use to manage their finances or health care. The power is granted through a carefully worded legal document so that the individual appointed as power of attorney has legal authority to pay bills and manage your assets. We understand the needs and wants of individuals differ from family to family, therefore, Attorney Darcel Lobo here at DAL Law Firm will listen to your concerns and provide a guide to tailor a power of attorney document that you are satisfied with. There are different types of power of attorneys, so we will help you ensure you are signing the one that best fits your needs.
A financial power of attorney designates an attorney-in-fact to make financial decisions if you become incapacitated or unable to make those decisions on your own. In Washington State, you do not lose any rights when a power of attorney is drafted. You are simply adding another person who can make those decisions for you. These financial decisions can include making investment choices, writing and depositing checks, buying and selling real estate, managing a business and paying taxes. Power of attorney’s should be assigned and in place before the principal can no longer do so, so that way everything is in order.
A healthcare power of attorney is a contingency plan that similarly designates an individual to execute instructions for a principal who is incapacitated or unable to make their own decisions regarding their health care. Having a healthcare power of attorney can be helpful if an individual suffers from mental illness, was involved in an accident, needs to go to a nursing home or move to a different one, or medical protocols need to be acted upon. It is essential to choose an individual you trust because they will have complete access to your finances, your home, and your health.
Power of attorney’s do not become affective until the individual is no longer able to make their own decisions, and this can mean physical or mental decisions. Once you do become incapacitated, your family does not automatically have access because without the power of attorney, you may have to go through a longer process in order to meet your instructions. If you do not appoint anyone, the court has the power to appoint someone which you will have no say over if you are physically or mentally incapacitated. Power of attorney’s make it easier on your family and hopefully it becomes beneficial to you.
Call or text our office at 206-408-8158 today for your estate planning needs.
