Powers of Attorney

Do you know who will make financial and health care decisions for you if you are incapacitated? A Power of Attorney allows you to designate, in order of preference, the individuals or entities that have the authority to act on your behalf if you are unable to do so. In a standard estate plan, we prepare two separate powers of attorney for you, a Power of Attorney for Financial Matters and a Power of Attorney for Health Care Matters, so that you can choose the people you trust to act in your best interest if you are incapacitated.

Power of Attorney for Financial Matters

The Durable Power of Attorney for Financial Matters appoints individuals as your Attorney-in-Fact (?Agent”) to manage your financial affairs. Your designated agent owes you a fiduciary duty of loyalty to only act in your sole interest and must follow your wishes. 

The person you appoint steps into your shoes and has the authority to act in your place with respect to your finances, including the power to access and manage your money, pay bills, operate a business, and file taxes, among other powers. It is essential that you designate only individuals you thoroughly trust to take on this responsibility. You may choose to grant authority to your agent immediately, or only upon your incapacity. 

Power of Attorney for Health Care Matters

The Durable Power of Attorney for Health Care Matters allows you to appoint people to act in your place with respect to all your health care needs. Typically, we recommend that your Health Care Attorney-in-Fact (?Agent”) be effective immediately, not just upon your incapacity, to avoid any potential question by health care providers as to whether your agent has the authority to act on your behalf. 

Your health care agent has a fiduciary duty to make health care decisions that are consistent with your desires, including, but not limited to, your wishes concerning medical care, treatment, services, and procedures. The designated agent is granted authority to act on your behalf and can disclose your health information, order and pick up prescriptions, and arrange hospital and residential care, among other responsibilities. Any time you appoint an agent, it is imperative that you choose wisely and select individuals you trust completely.