Why You Need Powers Of Attorney In Your Estate Plan
An effective estate plan would be incomplete without naming powers of attorney – entrusted people designated to make crucial decisions for you if you are incapable of doing so. These people are typically loved ones who will make necessary decisions related to your health care and/or financial matters. But sometimes professional fiduciaries may be utilized.
As an experienced estate planning attorney, Gadi Zohar, Esq., in Palo Alto, California, will explain the importance of creating powers of attorney and how they will help you if you are incapacitated. What if you have become comatose as the result of a car accident? What if you have had a stroke and are unable to communicate? These are all scenarios where a power of attorney can help.
Instructions In Health Care And Financial Matters
The essential aspects of an estate plan include a living trust, a will, an advance health care directive and powers of attorney, which provide clear instructions in matters related to:
- Advance health care directive: This legal document names someone to make health care decisions for you if you cannot express the decisions yourself. An AHCD is also known as a medical power of attorney. Through the AHCD, you express instructions that you may not be able to express if you are lacking capacity. Usually, the most important instruction relates to whether or not you would want an agent (person making the decisions on your behalf) to have the right to remove you from artificial life support.
- Financial decisions: If you are mentally incapacitated (with dementia, for example), having a financial power of attorney may become necessary. While your trustee would take control of assets in your living trust, your agent under power of attorney takes control of assets outside your living trust.
In essence, both types of powers of attorney (for finances and for health care) can avoid a court-supervised conservatorship. You want to be prepared for life’s uncertainties. At the same time, you want to provide your family with peace of mind that comes with an estate plan that includes powers of attorney. Let us guide you.
Contact An Experienced Attorney Now
Powers of attorney related to personal health care as well as financial matters are crucial legal documents in an effective estate plan. Experienced, compassionate and thorough, Gadi Zohar, Esq., in Palo Alto, California, has provided legal advice to many clients in need of estate plans. Mr. Zohar serves clients in Palo Alto and the Bay Area. Contact our law firm online or call 866-301-7709 today to get started.