Powers of Attorney

WHAT OTHER ESTATE PLANNING DOCUMENTS SHOULD I HAVE?

Critically important to any good estate plan are power of attorney documents.  There are two such documents. One is a Durable Power of Attorney for financial decision making. The other is a Medical Power of Attorney for medical decision making.

In each of these documents, you name an agent to act on your behalf to make decisions should you become incapacitated.

For example, let’s assume that you developed Alzheimer’s Disease, and could no longer make decisions for yourself. These documents would allow someone you have named to act on your behalf as your agent to make decisions for you. 

These documents are particularly important, because without them, a court would have to name a guardian to act for you.  A guardianship is a very long, drawn out process, with substantial court intervention and frequent reporting required.  It can be very expensive. 

Of course, these documents are no substitute for Wills or  Trusts, which control your property upon your death.  Think of power of attorney documents as "what happens if I'm still alive but I'm incapacitated and can no longer make decisions on my own behalf?" Think of a will or trust as the documents that answer the question "what happens to my property when I die?"

Another important part of any estate plan is the Directive to Physicians (Living Will).  This document allows you to clearly state your wishes regarding life support and comfort if you are in a vegetative state.

 WARNING: Many people's power of attorney documents currently in place are outdated and just plain wrong! They may not work to help your loved one with planning such as Medicaid Planning or Veteran's Benefits.  Recommendation: Have these documents reviewed ASAP by a qualified Elder Law Attorney who can help you determine if they are appropriate.  

The key is to make sure these are in place or updated before  your loved one has problems with physical or mental incapacity-at which point it is too late and a guardianship proceeding may be necessary.

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