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A durable financial power of attorney is a document to have in place for yourself, but is also a blessing to your family. If you become unable to make decisions for yourself this document will help your family from court proceedings. You can have your durable financial power of attorney take effect immediately. Or you can specify that the durable power of attorney goes in effect if a doctor certifies that you have become incapacitated. You have the option to give your agent broad power to handle all finances. Or you can give your agent limited power.
Common powers includes:
Your durable power of attorney automatically ends at your death.
Your durable power of attorney also ends if:
A medical power of attorney is a legal document that allows you to chose an agent (s) to make medical decisions on your behalf if you become unable to. With the medical power of attorney in place, it will ensure that your wishes are followed. You will be able to fully customize any and all types of decisions related to your health and healthcare options.
The agent under the medical power of attorney only has the right to make medical decisions for the principal (i.e., the patient) if the principal’s attending physician certifies in writing that, based on his or her reasonable medical judgment, the principal is incompetent to make his or her own medical decisions. This requirement ensures that your agent cannot make health care decisions while you are still able to understand your condition and communicate.
What can your healthcare agent do?
Your healthcare agent is legally required to act in your best interests. How much authority they have over your medical care is up to you. You could write your POA in a way that allows your healthcare agent to make any decision about your medical care. Or, you can establish limitations and timeframes on your agent’s power.
If you so choose, you can allow your healthcare agent to decide:
Without a medical power of attorney, your are at risk of the wrong person making decisions for you.
This form of POA is less broad and can be tailored to meet your specific need to appoint a representative for a limited transaction.
This is also a type that allows you to confer broad financial powers, however, unlike the durable form, it terminates automatically if you become incapacitated.
This form is used when you have an existing POA that you wish to terminate. Make sure that your agents have a copy of this signed form so that there is no question that they are no longer to act under the original POA.
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