A power of attorney (POA) is a legal document that gives another person the authority to act on your behalf.
Unless you have authorized someone to carry out your medical or financial affairs in the event you are unable to do so, a relative or friend will have to ask the court to appoint a guardian.
Regardless of your age or health, it’s better to prepare now — and hope you never need a POA — than to force your loved ones to make difficult choices without knowing your wishes.
By executing a power of attorney, you can select the person you trust, protect your family’s privacy, and usually keep the courts out of it.
Here are three types of powers of attorney to consider:
Durable power of attorney (DPOA) for health care (also called a health-care proxy)
This health directive enables you to appoint a representative who would make medical decisions for you if you are unable to make them yourself. You can appoint anyone of legal age (usually 18 or older) and specify how much power your agent will have. A health directive should be…
Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 20 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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