It is important to understand the distinction between a financial and a medical power of attorney. The legal form for financial power of attorney allows for another individual to handle financial transactions instead of you.
Some may be simple for a basic transaction like closing a real estate deal, however, powers of attorney for finances can be more comprehensive. An assigned agent will handle tasks such as filing your tax returns, depositing social security checks, managing mundane tasks like going through your mail and identifying bills and watching over your investments and retirement accounts.
A medical power of attorney, on the other hand is a legal form that determines who may be allowed to speak on your behalf if you are too injured or ill to speak for yourself. This may be referred to as a health directive or a durable power of attorney for healthcare. You will name an agent to manage or direct your medical care to make medical decisions for you if you are unable to do so.
The key person designated to manage your healthcare affairs will work with any other healthcare providers in order to ensure that you receive the medical care that you wish. It is important to have separate documents for medical care and finances and an experienced estate planning attorney can assist you with this process.
