What Are The Benefits Of Powers Of Attorney?
Powers of attorney allow people to assign decision-making authority to a person of their choice. This assignment can be immediate, at some future point in time or upon the occurrence of a specific event, such as the determination of incapacity
Powers of attorney can be used as part of any estate plan to prepare for the possibility that you may lack the ability to make essential decisions for yourself. Many people find assurance in knowing that a trusted person they’ve chosen will have the authority to make financial and medical decisions for them in the event they are unable to make such decisions for themselves.
Powers of attorney generally fall into one of two categories:
- Financial or general powers of attorney — A financial power of attorney allows you to grant decision-making authority for your assets and property to another person. The person you grant this power to can use it to pay bills and taxes, and to otherwise manage your financial affairs. Limited or durable powers of attorney are possible. Limited means it expires upon a specified date, while durable does not expire unless revoked.
- Health care powers of attorney — A health care power of attorney grants another person the right to make choices about your health care. In Arizona, individuals are recommended to also incorporate a mental health care power of attorney. This allows your agents to seek necessary and appropriate mental health care treatment. Health care powers of attorney can either be limited, set to expire at a specific date or durable without an expiration date.
It can be a great relief knowing that you have chosen someone you feel comfortable with serving in that role. Choosing that person in advance also allows you to prepare that person to some degree for the responsibilities he or she will face.
Let Us Help You Round Out Your Estate Plan With Powers Of Attorney
At Lincoln & Wenk, PLLC, our firm has extensive experience and understanding in the preparation and explanation of all available powers of attorney in Arizona. Regardless of the situation that calls for a power of attorney, we are proficient in finding the tool to suit your needs. Our primary focus of providing superior levels of service to our clients means that we will do everything we can to make the process as easy — and easy to understand — as possible.
Testimonials from past clients can help you get a better understanding of the quality of representation we provide.