Power of Attorney and Personal Directives
It is quite common for individuals, at some point in their life, to lose the mental capacity to make informed and appropriate decisions regarding the management of their financial affairs and health care. Whether it’s a tragic accident, a stroke, Dementia or Alzheimer’s, it is critical to prepare for these possibilities while we are able; forgetting or delaying to do so may result in difficult hardship for yourself and your loved ones.
To prepare for such circumstances, our lawyers can assist you with the preparation of a Power of Attorney and Personal Directive. This is often (but not always) done in conjunction with the preparation of your Will.
A Power of Attorney (“POA”) deals with the management of your financial affairs should you lose mental capacity (though there other circumstances – such as extended absences – where POAs are also useful). A POA will designate one or more persons to manage your financial affairs in such circumstances. A POA can be made effective immediately (either wholly or in a limited manner), or it can only become effective only upon a doctor certifying a loss of mental capacity.
A personal directive works in a similar fashion to a POA, but deals with appointing one or more individuals to make health care related decisions (and other day-to-day decisions such as where you will live) for you in the event you lose mental capacity to do so for yourself.
To book a consultation to discuss any of the above matters, please call our office at 403-948-0009.