Functions Of Powers of Attorney For Healthcare And Financial Decisions

What do you need to know about powers of attorney for healthcare and financial decisions?

When you begin the process of creating an estate plan, one of the most important decisions you’ll make is the assignment of powers of attorney for healthcare and financial decisions. This comes in to play if you become unable to make decisions for yourself.

When I work with clients, I go over all the possible scenarios needing consideration when making this kind of decision. I also go in depth on the types of decisions that can and cannot be made by those to whom you assign Powers of Attorney.

It’s important to remember that specific instructions will be put in writing defining the duties and responsibilities of each POA.

Legally there are things a POA cannot do. For instance, the assigned POA cannot transfer his or her responsibility to another person at any time. The financial POA has a fiduciary responsibility to act in your best interest. Additionally, they cannot make decisions before the document comes into effect.

When selecting both, a healthcare and a financial POA, you must trust that person implicitly.

Of course, whoever you select must agree to take on the responsibilities. This is the person (or persons) who will take over your medical care, financial management, possibly business responsibilities, and more. Understanding the rights and limitations of the Power of Attorney clarifies expectations as you navigate this process.

You authorize a healthcare POA to make decisions on the treatments, procedures, and medications performed on you.

In addition, the estate plan includes a medical directive which designates how you want your terminal treatment plan to be if your meet specifically defined terminal condition(s).

Likewise, your Financial POA’s responsibilities can be sweeping and broad or very specific and limited.

Some of the responsibilities and duties a Financial POA can perform might include banking and other transactions, beneficiary transactions, claims/litigation, estate transactions, government benefits management (Medicare/Unemployment/Social Security), investment management, making charitable gifts, paying bills, property management, retirement benefits, safe deposit boxes, tax issues, trust transactions, and more.

If you are ready to explore the creation of an estate plan with powers of attorney for healthcare and financial matters, give my office a call at (470) 235-7868.

Let us help you understand the importance of selecting the healthcare and financial POA’s and create a foolproof, legal plan that clearly communicates your wishes.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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