One can never predict the future. For this reason it is very important to ensure you have up to date Powers of Attorney. A Power of Attorney authorizes a trusted person to make decisions on your behalf for both health care (Power of Attorney for Personal Care) and for banking, investments and other assets (Power of Attorney for Property).
Powers of Attorney are only invoked if you are alive but incapacitated (unable to make your own decisions). In the event you become incapacitated, the Power of Attorney document signed by you will be released to the person chosen by you as your Attorney and thereafter they will make decisions for you, pay bills, maintain your investments and bank accounts and make health care decisions for you.
When choosing a person to act as your decision maker, it is very important that you choose someone you trust completely. If you are incapacitated and your Power of Attorney is invoked, your attorney has full control over your bank accounts, investments, house, car etc. In other words, you have essentially handed them your bank card and PIN number such that they can access your bank accounts to pay bills, they can sell your house if required, and change investments if required. As such, you must choose a person or 2 people that you trust absolutely.
When naming an attorney, you can choose 2 people to act together which provides a measure of protection from one person misusing their authority, and this also allows some flexibility so that one person can effect decisions, pay bills etc. if the other party is not immediately available. In other words, each attorney can act independently if required.
If you are incapacitated without Powers of Attorney in place, it is very expensive and time-consuming for the Courts to appoint an attorney for you, and in the meantime, bills or other payments, or economic opportunities may be frustrated as nobody is available to make your decisions.
For these reasons, it is very important to ensure that you have Powers of Attorney in place.
Mike Miller
Matlow, Miller, Cummins, Thrasher
519-621-2430