Question: I’ve heard the phrase Power of Attorney but I don’t know what it means. Do I need a Power of Attorney?
Answer: A Power of Attorney is a legal document in which in a person (called a “principal”) delegates decision making authority to another person (called an “agent”). Powers of Attorney can be very broad giving the agent the ability to do every act that you could do yourself if you were able, or Powers of Attorney can be limited to cover only specific decisions and events.
When people refer to a Power of Attorney, they are usually talking about either Healthcare Powers of Attorney or Financial Powers of Attorney. As the name suggests, a Healthcare Power of Attorney allows the named healthcare agent to make medical and healthcare related decisions for the principal if the principal becomes incapacitated and unable to make decisions on their own. As long as you are able to make healthcare related decisions on your own, your healthcare agent will have no authority to make those decisions for you. A Healthcare Power of Attorney only becomes effective if you are incapacitated. A Financial Power of Attorney allows the agent to make financial decisions on behalf of the principal if the principal is unable to make those decisions on their own. This includes the power to manage financial assets, buy and sell property, pay the principal’s bills and more. While your Financial Power of Attorney becomes effective if you become incapacitated, it can also become effective immediately if necessary. This may be a good idea for people who will be leaving on a military deployment or who will have an extended absence from the United States.
Everyone over the age of 18 should have both a Healthcare Power of Attorney and a Financial Power of Attorney. If something happened rendering you unable to make decisions for yourself, your family could wind up spending thousands of dollars just to have someone appointed by the court to make those decisions for you – without any input from you. Whoever the court appoints may or may not make the decisions that you would have wanted. By planning today and creating Powers of Attorney, you can be sure that the best possible people are making your healthcare decisions and handling your assets if you are unable to do so yourself.
Powers of Attorney are just one part of a comprehensive estate plan. Every KEYTLaw estate plan contains both a Healthcare Power of Attorney and Financial Power of Attorney.
Our Two Estate Plans
We do not have a one-size fits all estate plan. Our two estate plans give you the option to pick the plan that is best for you. Our estate plans are:
1. the Silver Estate Plan ($997 for a single person or $1,497 for a couple). To purchase the Silver estate plan complete our Silver Estate Plan questionnaire. This plan is for people who have important or valuable assets and they want to make sure that the assets are inherited by the person or people they want to inherit rather than the people who will inherit under the law of the decedent’s state of residence at the time of death. Arizona residents should learn Who Gets My Property If I Die Without A Will Or Trust?
2. the Gold Estate Plan ($2,997 for a single person or $3,497 for a couple). People who bought a Gold LLC from us get a $500 discount off the price of this estate plan. To purchase the Gold estate plan complete our Gold Estate Plan questionnaire. If you buy this estate plan make an appointment for a free phone call or video conference with Richard C. Keyt by using his online scheduling calendar or by calling our estate planning legal assistant Michelle Watkins at 480-664-7413. During this meeting Ricky will answer your questions and work with you to design your estate plan.
Do You Have Any Estate Planning Questions?
If you have any questions about wills, trusts, estate planning or our two estate plans call or email one of us.
- Richard C. Keyt (the son) at 480-664-7472 and firstname.lastname@example.org or make a phone appointment with him using his online calendar.
- Richard Keyt (the father) at 480-664-7478 and email@example.com or make a appointment with him using his online calendar.
Get Free Access to the Keyt's Estate Planning eBook Called Family Asset Protection
Sign up for free instant access to the Keyt’s ebook about wills, trusts and estate planning called “Family Asset Protection.” This book gives you more information about these important documents and how they protect your loved ones.