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Knowing one’s options re financial and medical powers of attorney

| Dec 14, 2020 | Estate Planning |

Individuals in Louisiana and across the nation could benefit from knowing they might have a variety of options to help them plan for some of the unpredictable scenarios that could arise in life. Through the process of estate planning, one could consider implementing options such as financial or medical powers of attorney. While such tools could help provide peace of mind and aid in times of need, some might not be aware of what each option may have to offer.

A financial power of attorney is a tool in which a person could choose to designate another party to act on his or her behalf should it become necessary. For instance, should a medical condition leave a person incapable of managing financial affairs, the chosen representative could step in and help protect one’s interests. One may be able to give this person the power to handle various tasks, such as accessing funds to keep bills up to date.

With a medical power of attorney, a person may be able to give another party the ability to make medical decisions on one’s behalf. This option could prove helpful should a condition leave a person incapable of communicating with doctors or making important health-care decisions. A person may also have the option of creating a list of preferences and specifications for the representative to follow should the need arise.

While financial and medical powers of attorney may come with various potential benefits, knowing how to initiate the process and how to choose a representative can be somewhat complex. Those who wish to explore the possibility of including such options in their estate planning goals could find it beneficial to speak with an attorney for advice in covering every crucial topic. An attorney in Louisiana can help a client better understand all available estate planning options and assist in creating a plan that best fits with his or his wishes for the future.