If you need someone to make healthcare decisions on your behalf, you may use a medical power of attorney. You can use a financial power of attorney if you need someone to handle your financial affairs. Agents and attorneys-in-fact are referred to as "principals" and "agents," respectively, when they can act on behalf of a principal. If you cannot decide for yourself, you can choose a financial and medical power of attorney.

Financial Power of Attorney

A financial power of attorney allows you to entrust the management of your financial affairs to someone else. In most cases, it lets the other party take care of financial or real estate affairs on your behalf. Financial professionals can act on your behalf, or a trusted friend or family member can take care of things for you if you cannot do so for whatever reason. It may also be utilized in one-off occasions where your presence isn't necessary, like closing on a property in another city.

How A Financial POA Works

A power of attorney might go into effect right now or at some point in the future, depending on when you sign it. Even if you are not disabled, a power of attorney can be utilized if it is effective immediately. An entity's abilities don't take effect until a future event has occurred when its capabilities are "springing." The principal's inability is the most likely future occurrence.

Incapacity can only be declared when one or more doctors certify that the principal cannot make choices due to a mental or physical condition. Mental illness, Alzheimer's disease, a coma, or the inability to communicate are all causes of incapacity. Your agent may never utilize a power of attorney if the need arises.

Choosing a Durable Financial Power of Attorney

When deciding on a financial power of attorney, consider the person's trustworthiness and financial knowledge. Online banking and electronic billing make it possible to pay your bills without having to be in the same room as them. A power of attorney cannot be amended in any standard way. Changing a financial power of attorney is best done by revoking and preparing a new instrument.

The Medical Power of Attorney

You can appoint a medical power of attorney or healthcare proxy to make medical choices for you if you lose the ability to do so on your own. Your agent is the person you choose to make medical decisions on your behalf if you cannot do so yourself.

Your physician or health care service, an employee of your physician or health provider; your residential care provider; an employee of your residential care provider are all examples of people who are not allowed to be your agent in some jurisdictions.

Using a Medical Power of Attorney

In a medical power of attorney, the directive maker specifies what they want in terms of health care choices to be made by the agent. Personal care management can contain provisions for hiring a personal care assistant and making treatment decisions. In contrast, medical treatment decision-making can be included as an option in a medical power of attorney. Most states accept the medical power of attorney form provided by the Commission on Law and Aging. Medical power of attorney forms can also be found on several websites.

Choosing a Medical Power of Attorney

Choosing the type and level of medical care one desires is a deeply personal decision for many people. So, while deciding on appointing someone, be sure to pick someone you can trust to make judgments that are consistent with your own. Ideally, this individual should be at least 18 years old and someone to who you can openly express your desires. .

Remember that this individual may be making extremely tough decisions, including ones that might terminate their life by stopping medical treatment. This obligation is not for everyone. The location of the individual you're considering should also be considered so that, if necessary, they can meet with your physicians.

Example of Medical POA

The kidneys of Sharon's mother have failed. She's looking for someone to take care of organizing her medical and financial records. Everyone should have a medical power of attorney, but individuals with a serious, progressing condition should have one even more. However, Sharon's mother must be able to comprehend what Sharon is doing when she writes these documents.

When Sharon's mother cannot speak for herself, medical power of attorney will transmit her intentions for care. For Sharon, the state statutes in her home state of Ohio dictate the form she employs. Sharon consults a lawyer after her mother's medical power of attorney is signed because she wants to handle all of her mother's health and directives.