Power of Attorney
Many individuals only think about a will or a living trust when considering their estate plan. However, a Philadelphia estate planning attorney can explain to you the benefits of a power of attorney in Philadelphia. A power of attorney typically takes effect during your life when you are incapacitated. This document ensures that your finances and physical well-being are cared for if you are unable to manage these parts of your life for any reason.
Financial Power of Attorney
A financial power of attorney helps you ensure that your business and financial needs are cared for during any periods of incapacity. With the power of attorney, you nominate an individual to tend to:
- Paying your rent and other bills
- Investing your funds
- Providing for the financial needs of your loved ones
- Managing your banking needs
Medical Power Attorney
A medical power of attorney addresses your physical well-being and healthcare during periods of incapacity. Some duties a medical power of attorney may address include:
- Making your healthcare decisions such as what medicine you will receive and types of physical therapy
- Deciding where you will live such as at a nursing home or in your family home
- Choosing your medical care provider
Choosing Your Power of Attorney
The decision of who shall be your power of attorney is a very personal decision. The power of attorney carries weighty responsibility; some factors you will want to consider when choosing include:
- Reliability. Perhaps the most important factor. You will want to choose someone who is reliable and on whom you can count to fully carry out your instructions.
- Age and Capacity. You may not need your power of attorney until many years after drafting the power of attorney document. Thus, you will want to consider the age and capacity of your power of attorney.
- Beliefs. Your power of attorney should share similar beliefs to you; for example, beliefs regarding religion and life support.
Contact an Estate Planning Attorney in Philadelphia
If you have any questions about the details of a Philadelphia power of attorney, you should talk to an experienced Philadelphia estate planning attorney. Powers of attorney may be critical to your estate plan. To discuss the specifics of yours, contact Anthony Caiazzo by calling (215) 465 – 5575.