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Powers of Attorney

A power of attorney is different from your will. It is a legally recognized and enforceable document that allows you to choose the person(s) you want to make decisions on your behalf in situations where you are unable.

For our purposes, there are two important powers of attorney.

Power of Attorney for Property

This document authorizes someone (known as your "attorney") to manage your finances on your behalf in the event of your incapacity. Depending on how this document is worded, your attorney may have complete control over the management of your finances and property.

It is important to understand that your attorney does not "own" your property and cannot do anything he or she wishes with it. Your property still belongs to you, your attorney is only managing it on your behalf. He or she is accountable to you, or to the beneficiaries under your will, for his or her financial management on your behalf.

Power of Attorney for Personal Care

This document authorizes someone to make health care decisions on your behalf if you are unable to make them yourself due to illness or incapacity. Your attorney can consult with your doctor and assist in deciding about medical treatment, medication, or surgery. You may wish to consider leaving behind some written instructions regarding the type of treatment that you may or may not wish to receive.

As you can imagine, there can be multiple issues to consider when deciding who to name under your Powers of Attorney for Property and Personal Care, and what kind of provisions these documents should contain to keep you and your assets safe in the event of a prolonged illness or incapacity.

At Keyser Mason Ball LLP, we have the experience and expertise to help you deal with these issues and provide you with the peace of mind that comes from knowing you have an effective solution to the question of "What if….?"

If you would like to know more about this or other issues in estate planning, please visit the other information links for our Estate and Business Succession Services Group. Or if you require advice or guidance regarding your duties as an Estate Trustee, call us and make an appointment with one of our lawyers in this Group. We look forward to hearing from you.

Contact:

Daniel C. Barichello dbarichello@kmblaw.com

Suzanna Winsborough swinsborough@kmblaw.com