While it may appear overwhelming, planning for a time when you might be unable to make your own decisions, either temporarily or permanently, is crucial. It's reassuring to know that with advance planning, a trusted individual chosen by you will handle your personal financial matters if you become incapacitated. Our services facilitate this by assisting in the creation of a power of attorney, or POA.
What is a Power of Attorney?
A power of attorney gives a person (known as the agent) legal authorization to act the behalf of another person (known as the principal). POAs can take many different forms, depending on your specific situation and wishes.
A General POA gives your agent the authority to make decisions regarding your business, finances, real estate, and legal matters. An Advance Directive gives your agent the authority to make decisions regarding your medical care. Both documents can be limited to your specific terms or preferences. In Maryland, the Advance Directive is a separate document that may also include a Living Will and direction for disposition of your remains.
At AC Ishak Law, every Estate Planning Package comes with both an Advance Directive and a Financial Power of Attorney so that you walk away feeling secure in the knowledge that your wishes and financial affairs will be protected.
Who Needs a Power of Attorney?
Ideally, we all hope to never lose the ability to advocate for ourselves or our wishes. Unfortunately, you never know what the future may hold, so it's always a good idea to make important decisions ahead of time.
Naming a power of attorney is especially important if the principal has a condition that can cause a decline in mental capacity, like Alzheimer's or dementia, or if the principal is physically disabled and needs someone else to sign important documents on their behalf.
Contact Us
Powers of attorney are incredibly useful to help ensure that your finances and personal matters are properly managed if you can't see to them yourself. Speaking to one of our attorneys to discuss estate planning and powers of attorney will help you to make well-informed choices for yourself or loved ones. Contact us at 833-224-7425 to schedule an appointment.
