Understanding Financial And Durable Powers Of Attorney
In Missouri, people can sign a durable power of attorney document by which they can appoint a representative to manage their assets and sign legal documents if they become severely disabled and can no longer manage their affairs.
At Lewis Law Office, P.C., we can work with you to select and appoint such a representative, using clear legal language so your intent will not be vulnerable to a challenge by another person or party.
The ‘Power’ You Wield Is the Power You Give
Many people think of “power of attorney” as something an estate holder grants to someone chosen to carry out financial affairs for the estate. This is true, but there is more to the story.
Through a power of attorney, you designate not only who will carry out your wishes, but exactly what those wishes will be. By acting before a crisis occurs, you have the opportunity to control your fate and assets that can affect the fates of others.
A durable power of attorney can, among other things:
- Ensure the management of your assets, if you are unable to do so yourself
- Represent your estate in dealings with the Internal Revenue Service
- Give gifts to loved ones and organizations on your behalf in conformity with your wishes
- In some cases, even create and amend any trusts you define
- Appoint a person to make your health care decisions if you become incapacitated (also called an Advance Health Care Directive with Durable Power of Attorney for Health)
What’s The Difference: Power Of Attorney, Advance Directive And Living Will?
The term “power of attorney” can confuse the uninitiated. As an estate holder, you can grant administrative authority — known as “power” — to any person you designate over almost anything you wish, but usually dealing with assets or health care.
By contrast, an “advance directive” pertains to a legal document that gives instructions regarding a person’s wishes in advance of their death or incapacity. A “living will” is a common misnomer — “living” and “wills” tend to negate one another — and a better term would be “Advance Health Care Directive” that tells your health care providers which treatments you do want and you don’t want to receive if you are terminally ill and/or near death.
Likewise, an advance health care directive can provide specific instructions regarding specific health care you do not want to receive if you are in a coma or other incapacitated state. Such treatments could include artificial respiration and feeding tubes.
In Lee’s Summit, Powers Of Attorney Can Work For You
The end of life is a time worthy of consideration for any person. To learn more about how Lewis Law Office, P.C., can assist you in planning effectively, call us in Lee’s Summit, Missouri, at 816-875-4516 or 877-549-3511.
Avoid Probate • Maximize Tax Protection • Preserve Family Harmony