With a Power of Attorney
An important part of lifetime planning includes the Power of Attorney (POA). At some point in your life, you or a loved one, be it illness, old age, or an accident, may be left unable to manage finances or choose medical treatment. While no one likes to think about the unfortunate possibility, it is best to be prepared for when the time comes. POA can make life easier for you and your family when a situation like this occurs.
The Power of Attorney is a written authorization to act on another’s behalf when they are unable to do so. The person chosen will be legally permitted to act in your place and handle all affairs discussed in the document.
A Medical Power of Attorney, commonly referred to as a health care proxy, names someone to make health care decisions and oversee your care medical care. However, the agent is legally obligated to comply with your wishes and treatment preferences.
A Financial Power of attorney gives someone jurisdiction to handle financial matters on your behalf, if you become incapacitated. The agent doesn’t need to have financial expertise but should be someone you trust to handle your assets. The document may include the authority to deposit social security checks or file tax returns.
Broader powers are included in the General Power of Attorney document. The agent is appointed to handle your financial and personal affairs, which may include managing your personal residence or operating your business.
Anything specific you want to be taken care of is included in the Special Power of Attorney. It gives your agent limited powers, such as accessing a safety security box.
The Khorozian Law Group can assist you in preparing the documents needed to appoint a Power of Attorney. We recommend including POA in your estate plan so that you and your family are well prepared. Call me, Linda Khorozian, at (201) 944-9200 if you have any questions or for a consultation.