Posted by Woolery Law Office, PLLC, on November 29, 2017
Besides a Will or a Trust, properly drafted Powers of Attorney (POA) are the most important documents you can have in your estate plan. The most commonly used POAs are the Durable Power of Attorney (DPOA) and the Health Care Power of Attorney (HCPOA). These documents typically go into effect upon signing or a specified event (disability), and they terminate at death. The POAs are very important as they allow YOU to decide who you want to make decisions regarding your property, finances, and health care in the event you become disabled.
A Durable Power of Attorney (DPOA) is a document that allows YOU to designate a person to oversee your property and finances if you become disabled. This document should be signed before the onset of the disability, and it can become effective either upon signing or upon the disability. Some of the most common areas where you might want to designate power includes: banking, property, insurance, investments, retirement accounts, tax returns, and legal proceedings.
A Health Care Power of Attorney (HCPOA) is a document that allows YOU to designate a person to make important decisions regarding your health care if you become disabled. This document should also be signed before the onset of the disability, and it can also become effective upon signing or disability. A designated patient advocate can be given the power to make decisions regarding your medical care, including medical treatment, medical facilities and providers, and life-sustaining treatments.