Preparing for Your Future? Consider a Health Care or Medical Power of Attorney

If you have already reached the prime of your life, it is a wise move to create a power of attorney that designates a trusted person who will make choices regarding your health care and finances on your behalf when you are no longer mentally capable of doing so. That person, which is also called the attorney-in-fact or agent, can be a relative or a friend and doesn’t necessarily have to be a lawyer. You can grant a medical, health care, or both types of powers of attorney to secure your future as well as your health and assets.

Medical powers of attorney particularly involve medical care decisions that agents make for their principals. You still need one even if you already have drafted a living will. Medical powers of attorney and living wills are two different legal documents. The former merely authorizes a person to make important medical care decisions such as those regarding use of life support when the principal is mentally incapable of doing this for himself or herself. On the other hand, a living will indicates what a person wants to happen regarding his or her medical care when time comes life support is necessary.

Medical powers of attorney are not only beneficial for elderly people who are suffering from serious diseases. Younger people who have had an accident or are suffering from a health problem that renders them unconscious can also use these powers of attorney. In any case, you can choose a person who you trust the most to decide on your behalf according to the available information at that time.

That person who you assign as your agent must perform whatever you require even if it runs contrary to his or her own wishes for you. If you want something to happen in a specific situation in the future, your agent must follow your orders even if it is against their will to keep you alive despite your health condition.

Choosing an agent who will make medical care decisions for you is not enough. You also need to discuss with your agent your wishes in specific instances such as the kind of medications you want and don’t want to take when you are unconscious. In doing so, you can rest assured that everything goes smoothly as you planned when you are mentally incapacitated.

Another power that you can grant to a trusted person concerns your health care. Health care powers of attorney refer to legal documents that designate someone to make financial decisions for your estate should you become disabled, in which case you cannot make decisions on your own.

Once you become mentally disabled, your agent gains responsibility of handling all your finances. An agent or attorney-in-fact who handles your health care differs from a successor in a living trust. The agent is allowed to manage your finances while you are still alive, while a successor gains control of your assets only after your death.

Illnesses can happen to anyone at anytime, so it is important to have a medical or a health care power of attorney while it is still early rather than to let your family members become confused about making decisions regarding your medical and health care.

Seven Steps in Preparing a Power of Attorney

Are you going to create a power of attorney (POA) yet you don’t know how to start? Various situations call for authorizing another person to take care of your finances, real estate, health care, or other affairs as well as make legal decisions on your behalf. Preparing power-of-attorney documents is not as complex as it seems. Listed here are seven easy steps to help you come up with a proper power-of-attorney document.

1. Gather all the forms you will use as models for your document. Over the Internet, you can find websites that specialize in legal forms. These sites may allow you to download their power-of-attorney forms.

2. Decide which type of POA you need. Your general options are the general and limited powers of attorney. The first type grants an attorney-in-fact an unlimited control over your finances or health care without a predetermined period. In contrast, the second type is limited to only a certain kind of financial responsibility.

3. Be wary of the risks involved in granting another person the power to manage your finances. Remember, by creating a POA, you authorize your agent to use your name in carrying out his or her tasks such as preparing and filing tax returns, borrowing money from the bank, and collecting your social security benefits. With a POA in his or her hands, your agent can make financial, health care, and other legal decisions on your behalf. That being said, you must educate yourself about the risks as well as the responsibilities involved with a POA before you start the paperwork.

4. Start writing the document. List all the reasons and the scope for granting POA to your agent. You will need these details when you consult with a lawyer who will decide the right type of POA to use in your case.

5. Include all your assets and liabilities in your document. Make sure that your power-of-attorney form properly documents all the necessary information that can guide your agent in making the right legal decisions for you.

6. Talk to a lawyer. It is recommended that you consult a lawyer to avoid conflicts or hassles in the future. The lawyer can draft the legal document and inform all the parties involved about the rights and duties stipulated in it. Once the draft is done, the lawyer will keep a copy of the document that will come in handy should legal disputes arise in the future.

7. Sign the document. All the parties, including at least two independent witnesses, must properly sign the form. The form should also be notarized before it can take effect.

The power of attorney is an indispensable legal document that gives you a peace of mind that all your assets are taken care of when you become mentally incapable of making decisions for yourself. You can also prepare one for your elderly family member or relative who has a serious disease or medical disability. In such case, you have to make clear of the person’s needs and goals and specify them properly in the document.