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Power of
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Article added or updated:
10/07/2008 |
Do you need a Power of Attorney?
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Recently a good friend and client of mine had a loved one in the
hospital. It was a serious situation and hospital staff asked some
difficult question like "Is there an advanced directive in place?" and
"Is there someone with power of attorney?" Fortunately those questions
never needed to be answered and the situation passed from serious to
stable and eventually to a full recovery. But this situation brought
some things up in my own mind and I want to share what I learned with
you.
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having the proper papers drawn up to protect your interests if you can't
advocate for yourself is something everyone should do. It is a certainty
that life will throw you curve balls and fast balls when you are least
expecting it.
Second, in the event that you cannot speak for yourself being prepared
will protect you and it will protect the things most precious to you
like your loved ones and your property.
Third and probably the most obvious, is that setting something up is
well worth the time and cost. Before you do anything consult a lawyer
who specializes in estate planning and end of life issues. Don't try to
do this on your own by downloading a form from the internet! This is
serious business and needs to be planned carefully. It's worth the
expense to set it up right the first time. Now let's talk about what
Power of Attorney means in the real world.
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Power of attorney
This gives the person or people named the power to act on your behalf.
The power may be limited to a particular circumstance like closing the
sale of your home. Or, it could be more general where one or more
persons will act on your behalf in a variety of situations. It could be
effective immediately or only upon a certain event in the future. A
power of attorney can give temporary or continuous, permanent authority
to act on your behalf. A power of attorney can be revoked, but most
states require written notice of revocation.
Who will speak for you?
Many people choose a loved one to act on their behalf. Some people
choose their spouses, children, siblings, or close friends. Some people
choose their attorney or their accountant or even a bank to act for
them. There are no special qualifications needed for someone to be
appointed as your power of attorney. As long as they are over 18 and not
otherwise incapacitated you can appoint them. The best choice is to
choose someone you trust implicitly with your well-being, your property
and loved ones.
Are there different types of power of attorney?
Yes. There is "durable" power of attorney, "limited" power of attorney,
and "non-durable" power of attorney. Each one has a specific use and
purpose. The best way to know which you need is to consult your own
attorney. Most estate planners recommend a medical power of attorney and
a property power of attorney. You can appoint the same person or
different people to act as your agent in either case.
Although we can't set up a power of attorney for you we can help you
with other aspects of life and financial planning. Stop by our office
and see what we can do for you.
As always, if you or anyone you know might find this message useful,
please forward it to them. We want to protect as many people as possible
S. Brett Anderson
Allsure Insurance Agency, LLC
banderson@allsureinsurance.com
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prior to acting on any advice found here. We do NOT dispense advice on
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