If you are worried about becoming incapacitated, such that you are no longer able to manage your finances or healthcare, you may wish to create a power of attorney. Power of attorney is when you appoint a person to manage decisions on your behalf. A power of attorney is a powerful legal tool in estate planning, and it is an integral part of the reason that estate plans should be as up to date as possible. We use two types of power of attorney in our estate planning, Financial Power of Attorney and Healthcare Power of Attorney.
What is a Financial Power of Attorney?
A Financial Power of Attorney handles financial matters to a chosen representative if you become incapacitated or otherwise incapable of managing your own financial decisions. You may wish to specify that power of attorney is only valid when you have been declared incapacitated by a doctor.
What is a Healthcare Power of Attorney?
Healthcare Power of Attorney is similar to the Financial Power of Attorney, only that your chosen representative will be making healthcare decisions. This agreement means that if you become incapable of making your own long-term care decisions due to illness or incapacity, then your chosen attorney-in-fact will be able to carry out your wishes for you.
Casterline Law Offices, PLLC provides clients with personalized attention focused on each individual’s unique needs. Our legal services include Medicaid planning, estate planning, veterans benefits planning, probate, and real estate law for our Southeast Michigan community. Contact our St. Clair Shores, MI office or our satellite offices in Shelby Township or Novi, MI, to discuss your legal matters today.