Your life involves decision after decision. As you build your life, it’s important to do everything you can to protect it with the help of smart Seattle estate planning tools. A Seattle power of attorney lawyer from ELG Estate Planning can help you:
- Protect your financial interests
- Provide someone power over your medical care when you’re unable to do so on your own
No one plans to be incapacitated or unable to make decisions on their own. If you have a Power of Attorney that is durable, this document means that you won’t lose control over the decisions for your financial or health care, nor will the court step in to take over your affairs. Through your Durable Power of Attorney, you appoint a trusted person to act on your behalf. When you regain capacity, meaning the ability to make your own decisions, you will then resume being in charge of your life. Only if you do not recover would your attorney-in-fact continue to serve as your decision-maker on your behalf.
Your power of attorney document must state explicitly that it is durable, meaning that the document continues in effect despite your incapacity.
Planning for the unexpected offers you and your family members peace of mind that if something does happen, you can avoid a court-appointed Guardian and allow someone of your choosing to manage these matters for you.
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What Does “Having Power of Attorney” Mean?
You can name someone an attorney-in-fact to give them authority to handle certain matters on your behalf if you cannot do so yourself. If you can make your decisions, your authority to act remains yours alone. Even with authority that is immediately effective, your attorney-in fact defers to your authority, and you remain in charge.
The authority you grant or “power” is utilized by your agent when you’re unable to make decisions. They are your voice, speaking on your behalf when you are unable to do so, thus ensuring your wishes are known and carried out.
Imagine that you undergo a dangerous medical procedure and fall into a coma for two months. Bills will continue to pile up and certain medical decisions must be made. Your attorney-in-fact can:
- Pay your mortgage and utilities
- Make payments to the hospital or a Long-Term Care facility
- Sell assets if required to meet certain financial obligations
If the same scenario occurs without having a Power of Attorney, the court will appoint a Guardian to handle these matters on your behalf.
What Are the Benefits of Setting Up a Power of Attorney?
As your Seattle power of attorney lawyer, we help clients set up multiple types of Power of Attorney to protect their best interests. If set up properly and all requirements are met, a Power of Attorney will offer numerous benefits:
- You have a say over who will make decisions for you rather than granting this authority to the court.
- A Power of Attorney, if accompanied by a health care directive, allows your wishes for medical treatment to be known.
- An Attorney-in-Fact has a fiduciary duty to you, meaning that they have a legal responsibility to act in your best interest.
- Your Power of Attorney protects you from missing financial obligations, such as failing to pay your mortgage due to incapacity, and is part of your broader estate plan.
- Intrafamily disputes are often fewer, as your Attorney-in-Fact must act in accordance with your Power of Attorney and according to the legal fiduciary standard the law imposes.
No one is certain of what their future holds. You may never need a Power of Attorney, but if you do, it’s crucial to have the right types of documents drafted by a lawyer who will ensure they meet all of the legal requirements are met.
What Are the Types of Power of Attorney in Washington?
A Seattle Power of Attorney lawyer can help you create several different types of Power of Attorney, but two of the most important ones include:
Durable Powers of Attorney for Health Care
A Durable Power of Attorney for Health Care is one of the most important documents you can have in your estate plan. It ensures that someone you trust can be your voice and make medical decisions on your behalf if you’re no longer able to do so yourself.
Through this document, you can appoint an attorney-in-fact who will follow your medical wishes.
Without this Power of Attorney:
- The court may appoint a guardian to make critical medical decisions on your behalf if you become incapacitated
- Your wishes for medical care may not be heard
A Durable Power of Attorney for Health Care gives you a voice when you can no longer speak for yourself. It does not take away from your own authority, but rather, your agent will only speak for you when you are incapacitated and no longer able to make your own decisions.
Durable Powers of Attorney for Financial
If you become incapacitated and can no longer manage your financial affairs, who will make decisions on your behalf? Who will make sure your bills get paid?
Without a Durable Power of Attorney Financial, that person may not be someone of your choosing.
This General Durable Power of Attorney gives your appointed attorney-in-fact the authority to manage your finances when you’re no longer able to do so yourself. When you are no longer capable of making decisions, your attorney-in-fact will act on your behalf. Otherwise, you maintain authority over your finances until the need arises.
If the need does arise, your attorney-in-fact will have the authority to:
- Make mortgage or rent payments and pay your other bills on your behalf
- Maintain your bank accounts
- Manage your tax filings
- Make payments to health care facilities or in-home caregivers
- Sell assets to fulfill financial obligations
A Durable Power of Attorney Financial helps you avoid having the court appoint a guardian also known as a conservator to manage your finances. It ensures that a person of trust will manage your money when you’re incapable of managing it.
At ELG Estate Planning we can help you create both types of Durable Powers of Attorney to ensure your voice is heard and your wishes are carried out when you can no longer speak for yourself.
Choosing An Attorney Near You to Help You with Creating a Power of Attorney
An estate plan ensures your wishes are carried out after your death, but it can also ensure your voice is heard while you’re still here.
If you become incapacitated and can no longer make your own decisions, your Powers of Attorney documents will ensure someone you trust will act on your behalf.
A Seattle Power of Attorney lawyer can help you understand which Powers of Attorney are right for you.
For almost two decades, ELG Estate Planning has been assisting clients with their estate planning and elder law needs.
Contact us today to schedule a consultation.