Power of Attorney
Power of Attorney is a document you can use to appoint someone to make decisions on your behalf during your life. The designated person is called an “attorney-in-fact.”
The appointment can be effective immediately or can become effective only if you are unable to make decisions on your own.
What is Medical Power of Attorney?
Medical Power of Attorney is a legal document that allows an individual to empower another with decisions regarding healthcare and medical treatment issues.
Medical Power of Attorney allows you to record your wishes regarding medical care and guarantees these wishes will be carried out if you become disabled. Approximately, half of all people today have a period of disability before they die. This document can also allow you to name someone to make decisions about your medical treatment if you are unable to make them yourself.
Medical Power of Attorney becomes active when a person is unable to make decisions or consciously communicate intentions regarding treatments.
What is a Financial Power of Attorney?
A Financial Power of Attorney is a document in which you appoint someone else (your attorney-in-fact, or agent) to make decisions for you with respect to your assets when you are unavailable or unable to do so. When accidents, illnesses, or prolonged absences occur, you may need someone to manage your financial affairs. It can be done in anticipation of a future need, for a special purpose, or for a limited time.
What is the Role of a Fiduciary?
A fiduciary is a person who takes on the legal obligation to act in the best interests of another, such as a personal representative, guardian, conservator or trustee. A fiduciary is a person who stands in a position of trust with you (or your estate after your death) and your beneficiaries.
There are 3 types of fiduciary roles depending on the context:
- Executor or Executrix is named in a will
- Trustee is named by a trust
- Attorney-in-fact is appointed power of attorney
I invite you to visit my website to forward any questions or comments you may have. I look to forward to connecting and stay tuned for Part 4 of this series next week!