Many people who are in good health are hesitant to make a power of attorney designation since they feel they can manage their own affairs. However, anyone can become incapacitated at any time due to a car accident, sudden illness, or other unexpected event. If you don’t plan ahead and designate a power of attorney for yourself, you will be subjecting yourself to the court system and a guardianship proceeding should you become incapacitated.
People who are married may assume that their spouse will automatically have the power to make decisions for them if they are incapacitated. However, this is not the case. For example, if a husband and wife own their home jointly and one becomes incapacitated, the other spouse may not sell the home unless a power of attorney has been signed or a guardian has been appointed. Also, under the privacy rules of the federal Health Insurance Portability and Accountability Act (HIPAA), only you or your personal representative may be able to access your medical records. Your spouse is not actually your personal representative unless so designated through a legal document.
It’s important to name someone you trust to carry out your wishes. A financial power of attorney allows your agent to pay bills and perform other business transactions.
Your power of attorney can go into effect right away, or only after physician or someone else determines you are unable to manage your own affairs. For more information about powers of attorney, or to schedule a consultation with an attorney, contact Rothamel Bratton today.
