Wilmington Estate Planning Attorney
Estate planning can be an awkward process. You have to discuss life after you’re gone and make big decisions about your affairs if you cannot care for yourself. It can be a difficult process, but it’s a necessary one. You may not think so yet, but a power of attorney may be necessary for your estate plan. A power of attorney allows you to name someone to make the big decisions for you when you are unable. Contact a Wilmington power of attorney lawyer to discuss whether a power of attorney is suitable for your estate plan.
When Do You Need a Power of Attorney Lawyer?
A power of attorney may become useful when a sudden life event makes it difficult to manage your affairs. You can name a power of attorney for full-blown medical or mental incapacity or just as a matter of convenience. A power of attorney can also be used when a person has a mental or physical impairment that prevents them from making an educated decision about their health or finances. In these situations, a power of attorney has been established before the person experiences impairments.
Naming a power of attorney is additionally helpful when the owner of a property or company lives abroad and cannot visit the country where the property or company is situated. In this circumstance, a power of attorney would help run the property or business while the owner is unavailable. A power of attorney can control someone’s medical or financial health. Therefore, the process of ensuring you have legally appointed a power of attorney is not one that you should embark on alone. If not executed properly, a power of attorney document can be revoked.
Hiring an experienced Wilmington Power of Attorney Lawyer is best to guide you through the process.
Financial Power of Attorney
In general, there are two types of power of attorneys that can be appointed: medical or healthcare and financial. Understanding the different categories is important in making sure the proper legal documents are in order. Using a financial power of attorney allows you to designate a third party to handle your finances and property if you cannot do so. These duties could include managing bank accounts and your business transactions. Your agent or attorney-in-fact is the individual you designate in your power of attorney to make these choices.
Your agent’s control over your finances is entirely up to you.
You can give your agent permission to:
- Authorize bank transactions
- Pay for your living expenses (like the electric and water bill)
- Manage your real estate-associated finances (like rent and maintenance costs)
- Put cash into stock and bond markets
- Pay your medical bills
The person you choose as your financial power of attorney should have a history of sound financial decision-making.
General Power of Attorney
The power of attorney can carry out nearly all actions on behalf of the principal. This includes handling personal money. When the principal revokes a power of attorney or passes away, the general power of attorney agreement expires.
Power of Attorney, Special or Limited
The agent, in this case, is confined to a specified area and has certain powers. One illustration is a power of attorney that enables a power of attorney to sell a car or vacation home.
Durable Power of Attorney
There are “springing” powers of attorney, which take effect in some states when a specific circumstance, like the principal’s incapacitation, arises. This agreement names a representative to represent the principal. It has a lasting provision that keeps a power of attorney in effect even if the principal is rendered incapable of acting.
Medical Power of Attorney
Are you considering having surgery, or have you just been diagnosed with a degenerative illness? A medical power or healthcare power of attorney, is a legal instrument that enables you to legally empower someone to make crucial decisions regarding your medical treatment if you cannot do so for yourself.
The decisions a medical power of attorney makes could relate to various aspects of treatment, including medicine, surgery, and health care emergencies. Your healthcare agent or proxy is the individual you designate in your power of attorney to make these choices if you are unable.
You can delegate decision-making authority to your healthcare agent in whatever areas you desire.
These areas may include:
- Your choice of hospital and medical practitioner from which you receive care
- The medical care you receive, including surgical procedures and prescription drugs
- Where you want to be treated, including nursing homes, assisted living facilities, or residential long-term care
- The choice to end life support or other long-term care options
Your healthcare agent will probably work with a Wilmington financial power of attorney you’ve also designated to manage your finances to ensure you can pay for the medical care you have chosen. It is also possible for you to name the same person in both types of power of attorney roles.
Hire an Experienced Wilmington Power of Attorney Lawyer
The experienced team of power of attorney lawyers a Johnson Legal can help you make complicated legal decisions regarding your power of attorney. With years of estate planning and estate administration experience, we are well-equipped to help you make these tough decisions.