Washington State Healthcare and Financial Power of Attorney
Have you ever wondered who would manage your finances and pay your bills if you were unable to do so? A durable financial power of attorney is a simple, inexpensive, and reliable way to arrange for someone to manage your finances if you cannot. It is also possible to create a “springing” financial power of attorney that goes into effect only after a doctor certifies incapacitation. Or, if the circumstances are right, you can choose to have a financial power of attorney take effect immediately.
It is important to choose a good agent to serve as your financial power of attorney. The person should have the right skills to manage your finances. They should have a strong grasp on effectively managing their personal finances and have the ability to make beneficial, well-informed decisions. It is also important to provide for contingencies and list alternate persons when selecting someone to serve as your agent under a power of attorney. When the time comes, if the person you chose as your first choice is not available, it will be important to have chosen a good alternate.
You may also choose to create a durable power of attorney for health care which appoints a person to make decisions regarding your medical treatment if you cannot make these decisions yourself. It is important to choose someone who knows you well, has similar values, and who you trust to serve as an agent to make these health care decisions. Also, a health care advanced directive, also known as a “Living Will,” sets forth your wishes regarding life-sustaining care. This can be used to provide guidance to someone who has been appointed to make decisions for you under a durable power of attorney for health care.
Don’t leave significant decisions about your finances and health care up to a court, or place the burden of figuring out whether you would want life-sustaining care on your loved ones. Make a plan and ensure that the right people will be making these important decisions if you are ever incapacitated and unable to do so. Give us a call to learn more.