Power of Attorney- Why EVERYONE should consider having one

Marie Hillman • July 20, 2015

Our lives rarely go as planned. This ONE document can make transitions during a crippling illness or accident much less daunting for everyone – IT is […] The post Power of Attorney- Why EVERYONE should consider having one appeared first on Hillman Law Firm.

Our lives rarely go as planned. This ONE document can make transitions during a crippling illness or accident much less daunting for everyone – IT is the Power of Attorney (POA)

In the event of a major life crisis – How will bills be paid?, What if assets need to be sold to pay for health care expenses, Claims made on insurance policies, Access to checking accounts and bank boxes, Medical decisions?… This list of issues that need to be addressed can go on and on and can be a nightmare if no one has proper authority.

Louisiana law allows you to give authority over your finances and or medical decisions to another person through a power of attorney. Be aware that the power of attorney can only be executed when the person has acceptable mental capacity, meaning he must be of sound mind. A power of attorney must be created before a persons become incapacitated. Once a person is no longer of sound mind, a power of attorney can not be created.

In Louisiana a power of attorney is “durable” in that is automatically continues in the event of the disability of the principal (person executing POA). In this general type of POA both the principal and the agent (person accepting POA) have authorities established.

Another option is to have a “springing” POA which can not be used until the disability of the principal. In this instance only the principle has authority to manage his affairs until disability occurs and at that point the agent takes over.

An agent’s authority automatically terminates at the death of the principal, but it can be revoked or changed at any time as long as the principal is alive and mentally competent.

There are many different options that can be put into the POA so it is important to make sure it is drafted specifically to address your wishes and needs. Don’t wait until it is too late to take care of this! I have one for my mama and you should too! Call us.

 

Disclaimer: The information contained in this article is for general information purposes only. Nothing in this article is or should be considered legal advice. The information in this article is not intended to create an attorney-client relationship, and viewing or receipt of information from this article does not create an attorney-client relationship.

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