Advance Directives refer to documents that give someone else authority to make healthcare decisions for a person if they are no longer able to make those decisions for themselves. The term Advance Directives can also refer to a document that lets a person’s healthcare providers and family know the type of treatment they wish to receive if they become unconscious or incapacitated. Advance Directives that give someone else authority to make healthcare decisions for them are sometimes known as a Durable Power of Attorney for Healthcare or a Healthcare Proxy. Advanced Directives that let healthcare providers and family know what level of treatment the signer wishes to receive are known as a Living Will.
A Financial Power of Attorney is a document that gives someone else authority to make financial decisions for a person. The Financial Power of Attorney can be broad in scope, allowing someone else to have say over all financial decisions, or narrow, allowing someone authority over a single financial transaction. The Financial Power of Attorney can also be durable or springing. A durable power of attorney continues after the signer becomes incapacitated or incompetent. A springing power of attorney does not take effect until some event takes place (for example, the incapacity of the signer).
Financial Powers of Attorney and Advance Directives for healthcare are important tools for end-of-life and estate planning. Having these documents in place before you are gravely ill, become incompetent, or pass away can help ensure that your wishes are known and are being followed by your family and others. They give you a say over the persons who will have control over your finances and important healthcare decisions if you are no longer able to do so.
Regardless of your age or health condition, it is a good idea to have a Financial Power of Attorney and Advance Directives in place because none of us can predict the future or avoid unforeseeable accidents. If the tragic and unforeseeable happens, having a plan in place before you become ill or unconscious of who has say over finances and healthcare, can save your family and loved ones from the costly and time consuming process of obtaining a court ordered guardianship.
The Law Offices of Dustin A. Duke can assist you with your Advance Directives and Financial Power of Attorney needs. We can create documents specific to your circumstances and wishes. Our firm offers Advance Directives and Financial Powers of Attorney as part of a larger estate planning package, or we can draft individual documents for you, depending on your needs.
To schedule a free consultation, or for more information, you can call us at (501) 960-6060 or click here. To find out more about Advance Directives and Financial Powers of Attorney you can visit our Law Blog or FAQ sections of this website.