When you are healthy and in charge of your own life, it can be difficult to fathom that a day may come when you are incapable of making decisions on your own behalf, medical, financial or otherwise. The reality is that accidents, a sickness or illness may incapacitate you, preventing you from making your own healthcare and medical decisions.

Financial power of attorney:

A durable financial power of attorney is a way to allow someone else to manage your finances in the event you are unable to manage your finances yourself. The person you grant as your financial power of attorney is often referred to as your “agent”.  The power to make these decisions for you is given to your designated agent in a legal document. A financial power of attorney is not only useful for you, but can help your family during this sensitive time as well.

WHAT CAN YOUR fINANCIAL AGENT DO?

What your financial agent can and cannot due is up to you. When deciding these limits, you should consider the tasks you would like your agent to perform.  These tasks may include:

  • Accessing financial records

  • Buying insurance

  • Collecting retirement benefits

  • Investing on your behalf

  • Managing real estate assets

  • Operating your small business

  • Paying your bills

  • Paying your taxes

  • Transferring, selling, and/or buying assets

MORE ABOUT A FINANCIAL POWER OF ATTORNEY:

A financial power of attorney generally goes into effect when it is signed. However, another option is to create a “springing” financial power of attorney. This means the power is not granted to your agent until you are incapacitated.  

The financial power of attorney automatically ends upon death.  Financial matters after your death, will then be in the hands of the named executor in your will.  Other ways your financial power of attorney can be extinguished include divorce, the event your named agent is unavailable or revocation. Because of the number of ways your agent’s power may terminate, it is helpful to name an alternate agent.

healthcare power of attorney:

In Arizona, completing a Healthcare Power of Attorney form will let you appoint someone you trust to direct your healthcare and make medical decisions on your behalf when you are incapable of doing so. Completing this form will not let the individual you appointed make healthcare decisions on your behalf unless you are no longer capable of making health care choices on your own. A health care power of attorney can be given a great deal of authority related to consenting to or refusing medical care. As such, your appointed representative can either consent or refuse to care such as diagnostic, surgical or therapeutic procedures.

Additional authorities given to a healthcare power of attorney include, but are not limited to:

  • Authorizing healthcare providers of your choice to provide you with care

  • Obligating your resources and/or your estate to pay for medical services

  • The ability to approve or deny your admission to various healthcare institutions, assisted living facilities and similar facilities or programs

  • The ability to make basic mental healthcare decisions

  • The authority to access medical records, possess them and discuss your records with healthcare providers

Blog Articles | Financial and Healthcare Power of Attorney

Additional Blog Articles | Tyler Allen Law Firm

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