Power of Attorney
Plan Ahead for Medical and Financial Emergencies! Secure a Grand Junction, CO Durable Power of Attorney
A properly drafted durable power of attorney is a crucial legal document that protects your health and classified financial arrangements when you find yourself in an emergency situation. More importantly, it shields your loved ones from having to shoulder critical decisions during pressuring times. A power of attorney, or POA, provides authorization to another person you will appoint or the “attorney-in-fact.” This qualifies as your representative to decide on your behalf if you are left incapacitated. As the “principal,” you allow sensible decisions to be made for you to protect your most valued interests.
Importance of Durable Power of Attorney
The critical role of securing your personal Grand Junction CO durable power of attorney includes sparing you from legal restrictions. This protection process will allow your agent with the help of an attorney to resume any estate plans and personal goals that require your approval. The absence of this important document may also put you at risk in terms of having your assets exposed to creditors, unregulated taxes, and nursing care expenses. Guardianship laws are highly complicated as well, since these may impose care limits on your family while you are incapacitated. Here are the sensible steps that you may take guard against these threats.
A durable power of attorney for finances grants your agent or attorney-in-fact the authority to decide on matters concerning your assets. The agent may legally manage your finances while you are still incapable of authorizing them. This practical move will benefit you in protecting your finances, since your representative is legally required to act based on your best interests and wishes. This authority will only be acquired by your chosen representative when you have been medically certified by a doctor as incapacitated. The financial decisions you may officially delegate are the following:
- Filing and payment of taxes
- Collection of government benefits such as Medicare, Social Security, and others
- Management of retirement accounts
- Management and usage of assets for the payment of your daily expenses and liabilities
- Management and operation of your business/es
- Investments of your money in bonds, stocks, and mutual funds
- Overview the buying, selling, and maintenance of your properties such as real estate
- Property transfers to a current trust you made
- Handling your court representation
The durable power of attorney must provide detailed documentation of your records and transactions for your protection and transparency. All documents shall be signed (with witnesses) and duly notarized. Any conflicts of interest are to be avoided at all times. The authority passed to the durable power of attorney will be voided upon death or revocation from you as the principal.
A Grand Junction, CO medical power of attorney is essential to enable your agent to decide for your healthcare. The document will grant that person access to your medical records and healthcare directives. You may set out specific restrictions to ensure that your wishes will be acknowledged in terms of hospitalization, life support, and overall care. However, health emergencies may not comprise every possible scenario stated in your directive. Therefore, the agent will decide on your welfare without compromising the terms you stated. The medical power of attorney will only go into effect when a doctor has confirmed you as incapable of deciding on your own healthcare. The authority passed to the medical durable power of attorney will be voided upon death or revocation from you as the principal.
Consult Legal Help to Draft an Effective Plan
The complex process of drafting a comprehensive durable power of attorney can be made easier when you consult with an experienced lawyer.
We can provide you a power of attorney form to put together your arrangements with an efficient implementation. Secure your financial and medical future, contact Trace Tyler today!