Power of Attorney
Financial Power of Attorney and Medical Power of Attorney
Protect Your Financial and Physical Wellbeing in the Event You’re Unable to Yourself
Having a Power of Attorney (POA) document in place is an important part of estate planning. A POA Attorney can help you understand the different types of POA documents and why you need one. Threre are two main types of POA documents – Financial and Medical – Springdale Law Group is here to help you draft these imporant documents to the highest standards.
This document provides agents with varying levels of power depending on the individual needs of the principal.
- A General Power of Attorney grants a broad range of authority, whereas a Limited or Special Power of Attorney grants a restricted amount, typically for a singular transaction or within a set period of time.
- A Durable Power of Attorney continues to be valid even if the principal experiences mental or physical disability, and a Springing Power of Attorney activates only when the principal becomes disabled.
- Similarly, a Medical Power of Attorney grants the agent permission to make medical decisions on the principal’s behalf in the case of incapacity, being both Durable and Springing by its nature.
Financial Power of Attorney
Having a Power of Attorney (POA) document in place is an important part of estate planning. A POA Attorney can help you understand the different types of POA documents and why you need one. Threre are two main types of POA documents – Financial and Medical – Springdale Law Group is here to help you draft these imporant documents to the highest standards.
A strong Power of Attorney document will enable you to:
• Protect your finances with a power of attorney
• Ensure your financial stability and security even if incapacitated
• General, limited, durable, and springing powers of attorney available
• Put your trust in the proven financial security of power of attorney
A Financial Power of Attorney serves two primary purposes:
When a financial transaction requires an individual’s presence, yet they are unable to be there.
when someone wishes to give someone else the legal right to manage their financial matters if they become physically or mentally incapacitated.
How a Financial Power of Attorney Can Help
A man named John had built a successful business and had a comfortable life. However, John had never gotten around to setting up a financial power of attorney, thinking that it was something he could take care of later.
One day, John was involved in a severe car accident and was left in a coma. His wife and children were beside themselves with worry, not only for John’s health, but also for the future of the family. They soon realized that without a financial power of attorney, they had no legal authority to access John’s bank accounts, pay bills, or make important financial decisions on his behalf.
John’s wife had to go to court to be appointed as his legal guardian, a process that was costly and time-consuming. In the meantime, bills went unpaid, and important deadlines were missed, putting the family’s assets and credit at risk.
After several months, John eventually recovered, but the financial damage had been done. The family had to spend a lot of money to fix the problems caused by not having a financial power of attorney in place.
Medical Power of Attorney
Texans may use a medical power of attorney, otherwise known as an advance directive, to assign a trusted individual with the authority to make medical decisions on their behalf if they are ever rendered incapacitated or incapable of making choices for themselves. These can cover choices about treatments, healthcare, and hospitalization, and shouldn’t be viewed as only relevant for the elderly. Even those in their early twenties ought to consider having one prepared in the event of an unforeseen medical emergency.
In the absence of a medical power of attorney, Texas hospitals and medical providers must determine who will be responsible for making decisions regarding the health of an incapacitated individual. This is defined as a person who, due to an illness, injury, or coma, is not in their right mind or unable to make their own decisions.
In these situations, medical providers follow a pre-defined succession plan to determine who is legally authorized to make decisions on behalf of the incapacitated individual. This succession plan follows a specific order and begins with the spouse, then the adult child with consent from the other children, the majority of the children, the parents, the nearest living relative, and lastly, the medical provider.
It is important to remember that without a medical power of attorney, a person’s loved ones may not have the opportunity to make medical decisions on their behalf.
How a Financial Power of Attorney Can Help
For example…
A woman named Sarah had always been healthy and active. However, she is a successful businesswoman and had never gotten around to setting up a HIPAA/Medical Power of Attorney, thinking that the chance of visiting a hospital is small.
One day, Sarah got into a car accident and was sent to the hospital. Despite her condition, she was unable to make decisions for herself and her family had no legal authority to access her medical records or make decisions on her behalf. Her family didn’t know her wishes/preferences/allergy/existing conditions in terms of medical treatment and that caused a lot of difficulties for the doctors to give her the appropriate care.