What is Power of Attorney?
A good estate plan doesn’t just address what happens to property at death, but also in the event of an incapacity. This is done through Power of Attorney within an estate plan. It is particularly difficult on a family when one or more of the parents is incapacitated and unable to handle affairs.
■ Who will have access to your bank accounts to pay for your care?
■ Who will help manage the property that you own?
■ Who is going to make medical decisions for you with your doctors if you can’t?
These issues are resolved with the Medical and Durable Power of Attorney (MPOA and DPOA respectively).
MPOA – Medical Power of Attorney
A Medical Power of Attorney designates an agent who will be responsible for making medical decisions for you in the event that you are deemed incapacitated by your doctor. If you are incapable of making decisions for yourself, you want to make sure you have someone that you trust making the best decision possible for you.
A good MPOA is best used in conjunction with a thoughtful conversation with the person you choose to serve as your agent. This will ensure that your wishes can be followed as closely as possible.
DPOA – Durable Power of Attorney
A Durable Power of Attorney allows you to designate an agent to be responsible for all of your property. It can be difficult to access assets to pay bills for you, manage your household, and any other number of things that need to get taken care of without this document.
It is important to note that a DPOA does not always choose the same agent as the MPOA as the person you want in charge of finances is not always the same choice as who you would want in charge of your medical wishes.
Consulting with a qualified attorney is your best bet in ensuring that your estate plan includes these vital documents.
If you have any questions regarding power of attorney, call The Malolo Law Firm, PLLC,
in McKinney at (214) 620-2088. Protect your legacy for your loved ones and plan your way!
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