What is a Power of Attorney for Healthcare and for Finances

Power of Attorney for Healthcare

A Power of Attorney for Healthcare designates someone to represent you when you are unable to make decisions or unable to communicate decisions about your healthcare. This healthcare “agent” will be someone you trust to make all necessary medical decisions on your behalf and respect your wishes regarding life support, religion, and personal choices.
Power of Attorney

Why You Need a Healthcare Power of Attorney

A Power of Attorney for Healthcare covers situations that a living will does not. A living will takes affect if you are terminally ill, in a permanent vegetative state, or other similar condition defined by Wisconsin law. What happens if you are only temporarily in a coma or temporarily unable to communicate? This is where a Power of Attorney for Healthcare is used.

 

Power of Attorney for Finances

A Power of Attorney for Finances authorizes someone to represent you in financial matters. This “agent”, acting on your behalf, will have the authority to perform financial tasks, such as withdrawing money from your bank account or signing documents. A Power of Attorney for Finances can be effective immediately or after a future event.

 

Why You Need a Financial Power of Attorney

A Financial Power of Attorney is useful immediately if a person is leaving town and cannot be present for an important transaction, such as the sale of real estate. Most people design their Power of Attorney for Finances to be in effect upon a future event. This future event is usually if a person becomes mentally or physically unable to make important decisions. For instance, if you develop dementia or become comatose, someone would need access to your business and/or personal bank accounts to pay bills, etc.

Your “agent” must be at least eighteen years of age and of sound mind. Choose someone you trust. The authority your “agent” has is totally up to you. You may grant your “agent” the authority to only sign a single document during a single transaction or you may grant your “agent” the authority to act on your behalf regarding all your financial matters.

 

Speak with our Walworth County Estate Planning Attorney

Our Walworth County Estate Planning Attorney can design a Power of Attorney for Healthcare and/or Finances encompassing your wishes and ensuring the State of Wisconsin’s legal requirements. You should always be prepared in case of emergency or accident. Contact our Walworth County Estate Planning Attorney by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has estate planning law offices located in Lake Geneva, Delavan, Salem, and Muskego.
Walworth County Estate Planning Lawyer

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

Leave a Reply




Contact Us