A power of attorney (POA) is a document that gives someone else the right to make decisions for you in a situation where you might able to make them for yourself. The legal acts that can be carried out by the other party are outlined in the document. You can set limitations on the powers granted and make them applicable for a set period of time. POAs can represent you in many different ways, from private affairs to business matters to issues involving health.
POAs often represent someone’s interests in two main areas: healthcare and finances. Below, our estate planning attorney in Cary NC explains those for you.
POA Types | Estate Planning Attorney in Cary NC
A healthcare POA designates someone to makes decisions regarding medical treatment on your behalf. He or she would be able to consent to treatment or services when you are unable to do so on your own. This can be used in conjunction with a living will, which expresses your wishes when it comes to end of life decisions. A healthcare POA and living will are called “advance health care directives” because they are plans made in advance of the time when they are needed.
A financial POA gives someone the ability to handle your finances, which can include handling daily money issues such as receiving checks and paying bills. He or she can also manage your property, invest your money, file and pay taxes on your behalf, and even operate your business. The person in charge should act in your best interests, maintain accurate records, and avoid conflicts of interest with their own finances.
We understand that POAs can be confusing. To learn more about various types of powers of attorney, be sure to visit back with our next blog post, soon.
If you need a durable power of attorney written up, it’s a good idea to contact an estate planning attorney in Cary NC. All of the aspects that might need to be included in the durable power of attorney can be documented by contacting Eldreth Law Firm, PC. Our lawyer can help you understand the process and limitations.
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As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our estate planning attorney in Cary NC to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, small business, trademarking, copyrighting, or DWI issues.