Suppose you own an established enterprise and your significant other becomes ill, with an incapacitating brain disease. You then become his or her caregiver. Then, a few months later you become seriously incapacitated and need life support. But since you never appointed a power of attorney, your family cannot make any decisions for you. The court would have to declare your spouse incapable, and have to designate a representative to handle your assets, including your company.
Legal papers like a power of attorney, if drawn-up ahead of time, can prevent unexpected difficulties with your personal possessions, and your company's estate. They can make certain that your operation continues according to your requests. Here are some important questions and answers to help you begin the process.
Why should I execute a power of attorney?
You should establish a power of attorney because it appoints a trusted agent to represent you, and make decisions for you if you are incapacitated. In doing this, you can assure that your matters are taken care of by someone who knows your wishes, instead of a court-appointed stranger.
Do power of attorneys vary depending on personal needs?
There are basically two kinds of powers of attorney, one for individual purposes, (medical decisions) and one for property (i.e. land, bank accounts, pay bills, and investments) matters. A power of attorney may be completely basic or very specific in what it accomplishes. It may be durable or nondurable. It may take effect right away or only upon the occurrence of a specific event (sometimes described as a "springing" power).
If I don't have a prior power of attorney and I become debilitated, what transpires?
If the principal is incapacitated, the court will select a representative to make decisions. If there is a medical predicament (ei. life support) and no power of attorney is prepared, the care facility will most likely not end treatment. Even though the principal's wishes may be to end any life support measures, the family may have no power to make a choice.
If you already have executed a living will, is a health care power of attorney necessary?
These contracts generally serve different purposes. However, they are usually intermingled (perhaps even put in in the same papers). Also, they are often put together at the same time regular wills are made-up. In essence, a living will provides direction for the agent, and a power of attorney allows decision-making authority.
Is it best to have my significant other as my representative?
It is a common practice to give your significant other the power of attorney, but in some situations it is better to have someone else who you can trust instead. Reason being, if both spouses should become incapacitated (and this does happen), it could create an unfortunate situation.
You can prevent many possible difficulties by initiating a power of attorney ahead of time. It can often be a very important document to create in advance. So consult your professional team as early as possible, and have these papers put in place. By doing this now, it will allow you peace of mind knowing that all these matters are taken care of for the future.
Legal papers like a power of attorney, if drawn-up ahead of time, can prevent unexpected difficulties with your personal possessions, and your company's estate. They can make certain that your operation continues according to your requests. Here are some important questions and answers to help you begin the process.
Why should I execute a power of attorney?
You should establish a power of attorney because it appoints a trusted agent to represent you, and make decisions for you if you are incapacitated. In doing this, you can assure that your matters are taken care of by someone who knows your wishes, instead of a court-appointed stranger.
Do power of attorneys vary depending on personal needs?
There are basically two kinds of powers of attorney, one for individual purposes, (medical decisions) and one for property (i.e. land, bank accounts, pay bills, and investments) matters. A power of attorney may be completely basic or very specific in what it accomplishes. It may be durable or nondurable. It may take effect right away or only upon the occurrence of a specific event (sometimes described as a "springing" power).
If I don't have a prior power of attorney and I become debilitated, what transpires?
If the principal is incapacitated, the court will select a representative to make decisions. If there is a medical predicament (ei. life support) and no power of attorney is prepared, the care facility will most likely not end treatment. Even though the principal's wishes may be to end any life support measures, the family may have no power to make a choice.
If you already have executed a living will, is a health care power of attorney necessary?
These contracts generally serve different purposes. However, they are usually intermingled (perhaps even put in in the same papers). Also, they are often put together at the same time regular wills are made-up. In essence, a living will provides direction for the agent, and a power of attorney allows decision-making authority.
Is it best to have my significant other as my representative?
It is a common practice to give your significant other the power of attorney, but in some situations it is better to have someone else who you can trust instead. Reason being, if both spouses should become incapacitated (and this does happen), it could create an unfortunate situation.
You can prevent many possible difficulties by initiating a power of attorney ahead of time. It can often be a very important document to create in advance. So consult your professional team as early as possible, and have these papers put in place. By doing this now, it will allow you peace of mind knowing that all these matters are taken care of for the future.
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