Powers of Attorney and Planning for Life
April 23, 2018Planning for Life’s Uncertainties
Potential estate planning clients contact our office to draft powers of attorney for their loved ones. People cannot make decisions when they are sick or disabled. Under these circumstances, we may advise that they seek the appointment of a conservator. A sick person may not be capable of signing powers of attorney. Preparing for disability before you become ill is the best way to avoid a costly mistake.Durable Powers of Attorney
Durable Powers of Attorney are needed when your family member or friend is sick and will not be able to pay his bills or make other decisions about his financial affairs and his house. An ill person’s failure to execute a Durable Power of Attorney before their sickness can be a very costly mistake. The preparation of powers of attorneys may cost up to $250, which is relatively inexpensive when compared to conservatorship proceedings. Alternatively, a lawyer may cost at least $1,500 to petition a court to appoint someone to help the disabled person.
The preparation of a Durable Power of Attorney is essentially legal “identity assignment” by one person (the “principal”) who entrusts another person (the “fiduciary or agent”) with specific legal responsibilities. The law requires a fiduciary or agent to manage the principal’s money and property for his benefit. Mr. Frazier advises many clients, who engage us for estate planning services, to prepare powers of attorney to protect against the uncertainties of life; like sickness and physical disability.Healthcare Powers of Attorney
When someone is sick and cannot make decisions about her health, they need Healthcare Powers of Attorney (HCPOA). HCPOA gives an agent (the “attorney in fact”) the power to make health care decisions for the sick person. HCPOA give your agent authority to consent, to refuse to consent or to withdraw consent to any care, treatment, service, or procedure to maintain, diagnose or treat a physical or mental condition.
Don’t leave the preparation of a Durable Power of Attorney and a Healthcare Power of Attorney to another day. Procrastination or reluctance to act can be a very costly mistake, which can cost you or your family thousands of dollars. For representation that can bring you peace of mind, turn to the Law Offices of Charles R. Frazier. To schedule a free initial consultation, call 615-267-0125.