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power of
attorney is a legal document where one person (the
principal) authorizes another person (the agent) to act
on the principal’s behalf. Financial powers of attorney
allow your agent to make decisions regarding your
property. Health care powers of attorney allow your
agent to make decisions regarding your health care
needs.
Your power of
attorney can be broad in scope, giving your agent the
ability to make any and all financial and health care
decisions for you, or can be limited by specifying the
types of decisions you would like your agent to make on
your behalf.
You can also
choose whether you would like your agent to have the
ability to make decisions both now and if you become
incapacitated (a durable power of attorney), or your
agent can be limited to making decisions only when you
become incapacitated (a springing power of attorney). It
is important to have these documents, regardless of age,
as these powers may be necessary due to an accident or
an unexpected health crisis.
If you become
incapacitated and do not have powers of attorney, your
family and/or friends are then forced to petition the
courts for guardianship to make financial and health
care decisions for you. This can be an expensive and
time consuming process. The court may appoint someone to
make decisions for you that you would not necessarily
have chosen yourself.
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