What is a Power of Attorney?
July 2nd, 2018
A power of attorney is a legal document that can address both your financial and healthcare concerns in the event that you become incapacitated and unable to address those issues. By making powers of attorney part of your estate plan, you can ensure that your wishes are carried out with regard to medical issues and that another person can handle your finances if you are incapacitated and unable to make these decisions.
Under Michigan law, a durable power of attorney for healthcare, or Patient Advocate Designation (PAD), allows you to appoint another person to serve as your advocate for any issues related to your medical care. A PAD is a powerful document, but it only becomes effective when you are incapacitated to the point that you can no longer express your wishes or make decisions about your medical care. You also can use a PAD to make crucial end-of-life decisions, such as those regarding life-sustaining medical treatment and organ donation.
A durable power of attorney for finances is typically a separate legal document in which you designate another person to handle all aspects of your finances if you become unable to handle them yourself. Without this document in place, even your spouse or adult child may have no legal authority to make decisions about your finances if you suddenly become incapacitated. Typical financial issues covered by a power of attorney for finances include actions like paying bills, performing routine banking transactions, and handling real estate sales. A durable power of attorney for finances is the best way to ensure that a trustworthy person of your choice has the legal ability to handle your finances for as long as necessary.
Planning for your family’s future is not an easy process and involves many different options, including legal documents like a power of attorney. We are here to answer your questions and calm any concerns that you may have, in hopes of creating the estate plan that is most beneficial for you. Here at Legacy Law Center, we know how to represent your interests and work toward a plan for your family’s future. Contact us today at (734) 995-2383 so that you can meet with us and learn how we can help you.