Benefits and uses of a power of attorney

On Behalf of | Jan 28, 2019 | Estate Planning, Wills, Trusts & Probate |

Powers of attorney can be useful for financial matters and health care matters and are important for families in the Quad Cities to be familiar with. Personal planning services include powers of attorney to help individuals account for who they want to handle their financial or health care affairs if they become incapacitated for some reason.

A power of attorney designates another party, such as a family member, to direct the financial affairs or health care treatment of the party executing the power of attorney. To help manage a power of attorney relationship, it is useful to set up a bank account in the name of the relative that has been given power of attorney. There are rules about how checks should be signed and there are rules about how financial concerns should be addressed that the party holding the power of attorney should be familiar with.

A power of attorney can help the party designated in the power of attorney manage and organize the affairs of the family member or loved one who executed the power of attorney. If the party who executed the power of attorney becomes incapacitated and is unable to direct their own finances or medical care and treatment, a power of attorney, or advance health care directive as it is often referred to in the health care context, can help provide peace of mind that the party’s financial affairs and medical treatment will be attended to how they wished for them to be.

Knowing how to account for life’s unexpected challenges is important for everyone to be familiar with. There are a variety of legal resources in the toolbox for those wanting to plan for the future that range from powers of attorney to other personal planning and estate planning tools.