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How Does A Power of Attorney Work?
A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes. Before executing this crucial document, it is important to understand what your options are. The two primary Power of Attorneys types that we prepare in our office are for Financial and Healthcare:
Financial Power of Attorney
The Financial Power of Attorney can authorize most aspects of financial management on your behalf. The agent may access an incapacitated person’s financial accounts to pay for health care, housing needs, and other bills. They generally can handle most aspects of one’s finances as though they are that person.
Healthcare Power of Attorney
A Healthcare Power of Attorney gives the agent the authority to make decisions about the medical care the incapacitated person receives if the incapacitated person is unable to make his or her own decisions either due to incapacity or some other condition that prevents communication.
You can choose any adult to be your agent. You should choose a person you trust to make financial decisions for you, and you should talk to that person first to make sure that he or she is willing to be your agent. It’s also a good idea to name an alternative person to be your agent in case the first agent later becomes unable or unwilling to continue as your agent.
While an attorney is not required to get a Power of Attorney, an experienced estate planning attorney would be able to sit down with you, discuss your needs, and be able to provide the best options possible for your situation. If you need any assistance with your Power of Attorney, or any estate planning concerns, please contact our office at (206) 408-8158, or by email at: [email protected].
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810