Powers of Attorney
I spent the last weekend watching my mother lie in a hospital bed. She has traditionally handled the finances in her house. These two items posed a problem as I tried to help my father figure out what was going on with the finances. There are many other families that face this same or similar type of problems when a loved one becomes incapacitated. This brings us to my article for the day about powers of attorney.
A Power of Attorney is a legal document granting someone else power to make specific decisions or handle certain matters, on your behalf, regarding your finances, healthcare, legal matters or children. This can be granted to them with no stipulations or it can be very specific to only certain matters. It can also be only for a period of time, like while you are away on military duty, or when a certain event occurs. There are many types of powers of attorney and I would like to go over a couple of ones that have pertained to me lately. Before I do that, I want to stress that you need to talk to an attorney that specializes in these types of documents. You can go online on forms, but I personally find a professional.
Springing Power of Attorney: This goes into effect at a future time or with a future event. This can be when you become incapacitated, leave the country or some other event. As part of the springing power of attorney you must clearly define the conditions under which it will go into effect.
Durable Power of Attorney: This begins immediately and gives the person the right to act on your behalf regardless of mental or physical competency. This can be good for legal and financial matters.
Care of Children: This will appoint someone to take care of your children in case of certain events. I took into account my family and in-laws. I wanted my children to be raised in a home that would have my same religious beliefs and raise the children as if I were still present. I also wanted to make sure that the money I left behind would not be squandered on them, but would be used for my children.
Advanced Health Care Directives: If you become incapacitated you want certain health decisions made before you are unable to let anyone know. This will give specific instructions to both your loved ones and doctors in case of certain medical conditions. For instance, I do not want to be kept alive if I was to be on life support. These are the things that will be documented for your health care wishes.
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