If you become incapacitated and cannot make financial or healthcare decisions for yourself, you may be placed at the mercy of the courts to appoint someone to manage your affairs for you. To avoid this situation, a smarter move is to designate someone of your own choosing to manage your affairs through a power of attorney agreement.
The person you choose should be someone you trust who can make sound business decisions on your behalf. With so many potential issues that can arise, this decision should be decided with great care. Once you have reached a decision, you’ll need to retain the services of an attorney experienced in preparing power of attorney documents and other estate planning instruments. You’re sure to have questions and you will want the best information available for your situation.
In the greater Ann Arbor area, many people have come to rely on the services of Attorney David Stimpson for their estate planning and power of attorney needs. Attorney Stimpson brings years of experience in handling the various estate, financial, and healthcare issues for his clients and brings a wealth of knowledge to helping clients establish power of attorney agreements.
In some cases, a client may want to give a family member or other trusted individual general power of attorney responsibilities. This means a person can handle all of an incapacitated person’s affairs, including financial, healthcare, business, and related duties. In other words, a general power of attorney gives the designated person complete control over the principal’s affairs.
Attorney Stimpson can also help clients set up power of attorney privileges in a more limited capacity, such as creating a healthcare power of attorney or a financial power of attorney. As the names clearly imply, this gives the designated person the authority to step in and handle only healthcare related decisions or financial decisions. A healthcare power of attorney does not give the agent the same duties or legal authority as an advanced health care directive, but when combined with a living will or trust, it can form the basis for crucial medical decisions.
Another type of power of attorney is a durable power of attorney agreement. If you have a power of attorney agreement in some form already in effect, a durable power of attorney allows that agreement to remain active if you become incapacitated or incompetent either mentally or physically. Generally, the durable power of attorney goes into effect after a doctor certifies that a client is no longer able to manage their own affairs.
All types of power of attorney agreements remain in effect until a person passes away or they make a conscious decision to change or cancel the terms of the agreement.
Stimpson & Associates serves clients in Ann Arbor, Washtenaw County and surrounding Michigan communities.