There are several documents, including a Durable Power of Attorney and Medical Power of Attorney, which are designed to appoint trustworthy people to take actions or make decisions if needed. These are most often used when a person becomes incapacitated. While forms for these types of documents are readily available, an attorney can provide insight that could maximize the true purpose of these documents.
These are documents that are vitally important at any age. Once a child turns 18, most parents will find that they no longer are able to obtain health information related to their child. In the event of a serious accident or illness, a power of attorney may allow an agent to seamlessly take over management of finances and health decisions. Failure to have these documents could result in the need for a formal guardianship through the court system, which is often a lengthy, expensive, and invasive process. Even spouses often have to seek guardianship for lack of a power of attorney.
A durable power of attorney is a document that appoints an agent or agents to act on a “principal’s” behalf in matters related to financial interests and property. This document should be prepared in conjunction with an attorney’s advice as there are several factors to consider before giving someone this much power.
There are also other types of financial/property power of attorney documents for specific situations, such as the sale of real estate or granting of temporary powers for a specific purpose.
A medical power of attorney appoints an agent or agents to act on a person’s behalf in situations where they are unable to speak for themselves. This is not a DNR or “Living Will,” though sometimes instructions regarding life support can be included in a medical power of attorney.
Typical pricing for Ramsey Law documents can be found [here]. Power of attorney documents are most commonly included as part of a Will or Trust package, but may be purchased individually when the client already has a valid Will or Trust that reflects their current wishes.
Whether you’re planning ahead or helping a loved one through a loss, Ramsey Law will walk
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