Everyone needs an estate plan. An important part of every estate plan is a power of attorney or a POA. A POA is a person you designate to oversee your healthcare or financial needs. You can name the same person to manage both areas or different people for each area.
By learning about what they can and can’t do, you will know what kinds of responsibilities to assign them in your estate plan.
What Can a POA Do?
Essentially, if you become incapacitated, your POA can make medical or financial decisions for you based on your outlined wishes. Your medical wishes could include whether or not you want to be kept on life support or if you want to stay home as you age instead of going into a facility. You could also stipulate who will take care of you when you’re in need, such as a professional caregiver.
A financial POA can go into your accounts, pay your bills, file your taxes, collect your debts, apply for benefits, and manage your properties.
What Can a POA Not Do?
A POA cannot make decisions for you after you die. They can’t go in and modify your will or give their POA status to someone else. While someone can reject being a POA, they cannot change it once they are already the POA.
Getting in Touch With an Attorney
When you need to designate or change your POA, you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.
