When it comes to a complete estate plan, you may need more than one power of attorney (POA) designation. These handy and simple legal tools can make things easier when you are unable to deal with matters yourself. Estate planning is about more than just a will or a trust – it's increasingly about planning for both incapacity and being out of reach to make decisions. Read on to find out more.
You Are in Charge
All powers of attorney are driven by the wishes and stipulations of the principal and are enforced by an agent. Agents should be chosen with an eye to trustworthiness, reliability, and acumen. Since powers of attorney vary in scope, consider matching the agent to the job. For example, if you need someone to watch over your finances, appoint an agent that has knowledge of your financial affairs and that understands financial matters. Consider appointing an alternate agent, two agents that are to work together, or a series of agents for various duties. You can have as many powers of attorney as you wish and you can revoke or change the POA any time you wish.
Before you plan out your POA, it's important not to cross the line and create one that is unenforceable. Don't use a POA to:
Common Types of POA
A general POA is, well, general and performs almost any task you assign. These usually focus on financial issues. On the other hand, a limited POA gets very specific about things. For example, the POA might address a single action like appearing in your stead at a home closing. A limited POA can also be of limited duration by either time or event. For example, it might give an agent decision-making powers while you are out of the country for a month. A medical POA (also known as an advance directive) appoints an agent to make medical decisions if you are incapacitated. These can be very specific and address resuscitation issues and end-of-life care.
Consult with an estate lawyer to help you in creating a comprehensive set of POA provisions. You can learn more about estate planning by visiting websites like http://valentineandvalentine.com.
If you are unable to work because of an illness or injury, you may qualify for social security disability payments. This money comes from a fund you have probably contributed to during your time in the work force, and it is likely that you have the right to disability payments using this money. As an attorney specializing in social security disability, I have a great deal of experience in helping clients determine if they qualify for disability payments. I hope that this blog will help people who have been injured understand what it means to qualify for social security disability benefits and how to go about getting that help.