Contemplating the possibility of incapacity is not a pleasant thought, but prudent planning is essential. As part of the estate planning process, it is crucial to identify individuals who will represent you when you cannot represent yourself. Granting others the authority to act on your behalf is achieved through a power of attorney, encompassing financial and medical decisions in the event of incapacitation.
Selecting these individuals requires careful consideration, and having a backup plan is imperative in case they are unable to fulfill this role. Bannon and Associates, PC takes pride in crafting holistic estate plans that address all potential future circumstances, including the prospect of incapacity.
Attorney Kevin M. Bannon is dedicated to guiding you through the estate planning process, ensuring your comfort with a plan that secures a stable future for you and your loved ones.
What Happens in the Event of Incapacity?
A financial power of attorney empowers the ‘principal’ to grant authority to the ‘agent.’ This durable document remains enforceable even if the principal becomes incapacitated. Despite the unsettling notion of incapacitation, planning for it is essential to ensure your wishes are carried out. Establishing a power of attorney provides peace of mind for you and your family.
The power of attorney must be put in place before incapacitation occurs, and the choice of the person granted authority is a weighty decision. This individual will have significant power, potentially impacting your financial well-being. A general power of attorney grants broad authority, equivalent to your legal powers. In contrast, a limited power of attorney provides a more defined scope of authority for specific actions, such as managing finances or attending a real estate closing.
Medical Power of Attorney
A medical power of attorney grants the agent authority to make healthcare decisions on your behalf in the event of incapacitation. Choosing a trusted individual who understands your healthcare preferences is crucial to ensuring your wishes are upheld when you cannot make these decisions yourself.
Guardianship
Unlike a power of attorney, a guardianship is established after incapacitation has occurred, creating a crisis. Guardianships involve assets requiring signatures, healthcare decisions, and other urgent needs. Guardianships are court-established, leading to logistical challenges, rules, and guidelines. Seeking legal counsel is crucial, as the rights and responsibilities of a guardian and the ward are detailed, and non-compliance can lead to legal trouble. By creating both a financial and medical power of attorney the need for court intervention is greatly reduced.
Protecting Your Interests in Any Circumstance
Despite our caution in daily life, unexpected challenges like incapacitation can arise. Planning for such scenarios with a power of attorney can provide clarity for your family during emotionally overwhelming and stressful times. Bannon and Associates, PC offers comprehensive legal tools to plan for incapacitation and other contingencies. Attorney Kevin M. Bannon is flexible and can meet you wherever is most convenient, be it your home, a hospital, or a nursing home. Don’t wait until it’s too late – contact Bannon and Associates, PC today.
Bannon and Associates, PC frequently assist clients in Wayne, Oakland, Washtenaw, Monroe, and Macomb counties.