People often use their estate plan to decide how their assets are distributed after they pass away. However, did you know that you can also include a document that would give someone the ability to care for you if you became ill or suffered a serious injury? A power of attorney document allows a person, usually called an agent, the ability to act on your behalf.
If you are considering adding a power of attorney document to your estate plan, then you should learn more about your options. Here is what you should know:
What are the responsibilities of a power of attorney agent?
The responsibilities of a power of attorney agent will depend on your wishes and the type of document you draft. Many people draft medical power of attorney documents. A medical power of attorney agent could be given the ability to make decisions about your medical care if you become incapacitated. For example, your medical agent could decide whether or not you should be placed on life support if you cannot make that decision yourself.
Alternatively, you can draft a financial power of attorney document. A financial power of attorney agent could access financial accounts to manage real estate, businesses, taxes or expenses on your behalf.
Who can be your power of attorney agent?
Deciding who will be your power of attorney agent can take time and careful consideration. Anyone who is of legal age and sound mind can be your agent, such as a spouse, child or sibling or friend.
Before naming a power of attorney agent, you may want to consider reaching out for legal help. Professional legal guidance can help you draft a power of attorney document for your estate plan.