Powers Of Attorney: Crucial Step In Estate Planning
It may not be at the top of your list to create a power of attorney, but this legal step is a crucial tool in effective estate planning. At Cooper & Cooper Law Offices, PLLC, we have been helping individuals draft powers of attorney for more than 50 years.
Using simple tools, we are able to assist our clients in creating meaningful plans for their future generations. A power of attorney is a legal document that allows you to designate a person to take over your estate in case of an emergency.
If you become incapacitated for any reason, a durable power of attorney for health care can elect a loved one to oversee your final treatments. You can also include specific instructions for what type of health care you would like to receive.
The power of attorney can also be used to select an individual to maintain your finances if you are no longer able to. Creating a power of attorney is very beneficial for your loved ones, as it allows them peace of mind knowing that your wishes were honored.
If you don’t have a medical or general power of attorney, there may be disputes between family members. They may argue over what type of treatment you would prefer, causing more stress and tension.
To ensure that you receive the health care and financial supervision you deserve, talk with an estate planning and elder law attorney from our firm.
When Should I Create A Living Will Or Powers Of Attorney?
It’s never too soon to create either of these documents, as you can modify them throughout your lifetime. The risk is being caught without the powers of attorney or a living will. Tragic accidents happen every day and are nearly impossible to predict. If you want to eliminate stress and anxiety for loved ones, talk with an estate planning attorney about creating a power of attorney.
There are two types of documents that you should create for medical care purposes. A living will is a document you can use to designate what types of treatment you would prefer or wish to avoid. This gives them a detailed explanation to follow, legally binding them to fulfill your last wishes.
Without health care powers of attorney, either your medical provider or the court will oversee your final treatments.
The benefit of creating a durable power of attorney for your health care is that a loved one will have the legal power to enforce your medical treatments. If the doctors or medical providers fail to follow your directed wishes, they may have the right to take legal action.
Financial Power Of Attorney
A financial power of attorney gives an individual authority over your financial transactions. They are not given your finances but are responsible for using and monitoring them on your behalf. If you become incapacitated, you will need someone to be in charge of your financial affairs.
A general power of attorney may only allow for a single transaction, whereas a durable financial power of attorney will allow for more support.
The individual will be given as much control over your finances as you would like, which is why it’s important to choose a trustworthy agent. They may need to supervise your tax returns, pay monthly bills and monitor your investments.
Don’t Risk It: Protect Your Family
Both powers of attorney and living wills can be resourceful tools for your future care. If you would like to protect your future financial and medical care, contact Cooper & Cooper Law Offices, PLLC, today. We also offer a number of probate and estate planning-related services that you can find out on our site. Fill out a case evaluation form or call 270-561-6155 to discuss how we can help you.