Understanding Your Elder Law & Estate Planning Options
Drafting Powers Of Attorney To Protect Your Interests
A durable power of attorney is an estate planning instrument that provides a person with the decision-making authority over another person’ finances. In the event of incapacitation or unavailability, a power of attorney is an important legal document, which in most cases is limited to areas that concern property decisions. A power of attorney can give someone either full or limited control over those decisions.
More specifically, a durable power of attorney can protect assets. Typically, this document appoints an individual (often referred to as the agent or attorney in fact) to engage in financial transactions on behalf of another individual who is unable to make prudent decisions. Without a valid Durable Power of Attorney, one can expect a time-consuming process of having the Probate Court appoint a conservator.
At Albanese Law, LLC, we help families meet immediate and long-term planning goals through estate planning tools that include powers of attorney, as well as health care proxies (also known as living wills or advance health care directives). If you need to consider a power of attorney for you or your family, speak with us and learn more about the process.
What Is A Power Of Attorney?
A power of attorney is not the same thing as a health care proxy, although there are similarities. A health care proxy dictates what type of medical treatment is desired by the individual — and the extent of that treatment — typically at the end of the person’s life. A power of attorney, on the other hand, gives the appointed person a right to enforce health care proxies and to make decisions on behalf of the patient in the event those specific decisions are not covered by the proxies.
While the spouse is usually authorized to make health care decisions for an incapacitated spouse, a power of attorney is still important if one or both spouses become incapacitated and neither is able to make critical decisions regarding health care and financial matters.
Contact Us Today
Contact us for more information regarding powers of attorney and health care proxies for families in Massachusetts, or to arrange for a complimentary consultation with a knowledgeable estate planning lawyer. Call the Boston-area office of Albanese Law, LLC, to schedule an appointment at 866-591-4451.