Powers of Attorney

While none of us likes to think we may not be able to care for ourselves, the facts are many of us will get to that point some day. We can put our heads in the sand, or we can prepare for that day by signing legal documents giving someone else the power to manage our personal or financial affairs if we cannot. The most basic of those documents are Powers of Attorney.

There are different kinds of powers of attorney, and they can be customized to authorize greater or lesser powers, but the most commonly used documents are the Healthcare Power of Attorney and the Financial Power of Attorney. There are statutory forms for each, which are very basic, and there are customized versions that lawyers create for their own clients.

What Are the Types of Powers of Attorney?

Healthcare Power of Attorney

A health-care power of attorney authorizes someone you trust to make medical decisions for you if you become unable to make them yourself. The person you appoint is usually called a health care agent or health care representative. You may authorize your agent to:

Consent to Surgery

To Hire and/or Fire Doctors

Give, Withhold, or Stop Any Medical Treatment

It is very important to choose someone in whom you have the utmost confidence and we recommend that you talk to the prospective agent prior to signing any documents.

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Financial Power of Attorney

A financial power of attorney authorizes someone you trust to take care of your financial affairs. These can be for a limited duration, or permanent, they can be effective upon signing, or upon a finding of incompetency. A financial power of attorney can be a dangerous document, as it can allow another person to do anything with your finances that you could do yourself. It can be analogous to a blank check if given to an unscrupulous person. While generally the intention is that it is to be used only in the event of incompetency, the document itself may not have any restrictions.

Common powers include authority to:

Open Mail

Pay Everyday Expenses

File and Pay Expenses

Maintain Property

Collect Governmental Expenses

Invest in the Stock Market and/or Mutual Funds

Handle Banking Matters

File Insurance Claims

We strongly recommend that you only sign 1 original Power of Attorney and that you keep it in a safe place at all times. Without a financial power of attorney, the family may need to go to the Probate Court to get permission to handle the financial affairs of a loved one that has become incompetent.