Drafting Your Power Of Attorney
Estate planning and administration are often misunderstood as only putting together documents that illustrate what will happen when you pass away. However, an estate plan can also be used to address other issues that may occur in your lifetime, such as possible illnesses, injuries or incapacitation.
At Duffy North, we strongly believe in using every estate planning tool to our clients’ advantage. We recommend creating a power of attorney to designate a specific individual to make financial and health-related decisions on your behalf should you no longer be able to do so for yourself, whether due to injury or illness.
Types Of Power Of Attorneys
There are both medical power of attorney and financial power of attorney. A medical power of attorney allows someone you trust to make medical decisions for you if you become incapacitated. This includes refusal of medical care, consent to medical care and more. A financial power of attorney allows you to select a trusted person to address any asset or money-related matters. Our Montgomery County estate planning and administration attorneys can sit down with you to establish who you would like to trust with your affairs and draft the necessary documents.
Why Draft A Power Of Attorney?
A power of attorney allows you to choose a specific person who will be able to make legal decisions for you, should you be unable to make them for yourself. Our Hatboro estate planning and administration lawyers can help you understand the options available to you and establish a plan that works for your specific needs. A few examples of what a financial power of attorney can do include:
- Handling financial expenses
- Paying debts
- Filing taxes
- Collecting benefits
- Managing accounts
- Insurance policies
- Small-business operations
- Filing legal actions