Powers of Attorney are also essential in planning your future. A Power of Attorney is only utilized when you are physically or mentally unable to act for yourself. By appointing a trusted person to act for you, you are ensuring that your health and property are being taken care of when you are unable to do so for yourself. Like a Will, you are choosing now, rather than having someone else potentially choose for you when you are unable to do so.
There are two types of Powers of Attorney:
- Continuing Power of Attorney for Property
By having a proper Continuing Power of Attorney for Property in place, your trusted Attorney will deal with your financial affairs, while you are alive, but are unable to act for yourself.
If you don't plan for your future, your assets and financial instruments can be tied up indefinitely or until either a court appoints someone to manage your affairs or you die, and as such, your Will would take effect.
-
Power of Attorney for Personal Care/Living Will
With a Power of Attorney for Personal Care/Living Will, your trusted attorney will ensure your medical and health wishes are carried out when you are unable to carry your wishes out yourself. A Power of Attorney for Personal Care/Living Will is often used to make sure your wishes respecting life support issues, either withholding or implementing, are carried out.
Although a Power of Attorney for Personal Care and a Living Will are not specifically the same thing, the Living Will is often incorporated into the Power of Attorney for Personal Care such that your wishes about medical treatment (i.e. artificial life support vs. "pull the plug" provisions, etc.) are integrated into the Power of Attorney for Personal Care.