Why You Need To Designate A Loved One To Have Power Of Attorney
Durable power of attorney is a useful and low-cost estate planning tool that individuals can use to manage their finances or health care if they become incapacitated or unable to make those decisions. The power is granted through a carefully worded document so that the agent with power of attorney (POA) has the legal authority to pay bills, manage assets or whatever else is determined.
The needs of individuals and their families are unique. We understand this at DAL Law Firm, attorney Darcel Lobo will listen to your needs and concerns while also providing comprehensive guidance to tailor a POA document that will manage your important financial and health care issues.
Financial Power Of Attorney
This designates an attorney-in-fact to make a wide range of financial decisions. You do not lose any rights to make these decisions when a lawyer drafts POA here in Washington state. Instead, you simply add another person who has the ability to make decisions covering the following:
- Making investment decisions
- Writing and depositing checks
- Buying and selling real estate
- Managing a business
- Paying taxes
Healthcare Power Of Attorney
A healthcare power of attorney is a contingency plan that designates an agent who can make decisions or execute instructions if an individual or principal is incapacitated or otherwise unable to make decisions in regard to their health care. This can be helpful in the following situations:
- An individual suffers from mental illness
- An individual involved in a catastrophic accident
- An individual needs to go to a nursing home or move to another one
- An individual’s medical protocols need to be acted upon
The Implications Of POA
Make sure the person you choose to give durable power of attorney is someone you trust. They will have access to your assets and will be able to make the same decisions as you would, so extra care should be taken in electing a power of attorney. An individual can give this power immediately or stipulate the circumstances under which the POA would be enacted. The individual can also choose to revoke the power of attorney at any time. The POA terminates when the individual passes away. At that point in time, the decedent’s will or trust will control the administration of their assets.