Sound Estate Solutions For The Elderly And Disabled
At Faith, Ledyard & Faith, PLC, in Avondale, Arizona, we draft powers of attorney for reasonable flat fees. When you create a power of attorney, it empowers another person to make important decisions affecting your health and financial well-being if you are unable to do so.
To learn more about powers of attorney and how they may be able to help you achieve your goals, call Faith, Ledyard & Faith, PLC, at 623-806-8994.
What Does A Power Of Attorney Do?
When you sign a power of attorney, you (the grantor) give another person (the agent) the power to make decisions on your behalf. A financial power of attorney enables the agent to engage in financial transactions, including the sale and purchase of real estate. With a medical power of attorney, the grantor gives the agent power to make decisions about the type of health care services the grantor should or should not receive. A medical power of attorney comes into effect only if the grantor becomes unable to make health care decisions or is unable to communicate his or her wishes. When someone creates a medical power of attorney, that person often creates a separate living will that states in general terms the types of health care the grantor wishes to receive or not receive when faced with a terminal condition.
General And Limited Powers Of Attorney
A power of attorney can be all-encompassing (general power of attorney), permanent (durable power of attorney) or restricted in scope and duration (limited power of attorney). You can also establish a power of attorney that takes effect only when a specified event occurs (springing power of attorney).
Our lawyers have comprehensive knowledge of these documents and can recommend a solution that enables you to achieve your goals.
Financial Power Of Attorney In Emergency Situations
Our lawyers can act quickly when a crisis occurs. For example, what if an elderly parent becomes unable to make rational decisions concerning his or her finances? What if a loved one has fallen prey to a fraud scheme? Can that person be trusted to exercise good judgment in the future about his or her financial affairs?
You might want to consider obtaining a conservatorship. However, getting a conservatorship takes time and requires a court hearing. In the meantime, your loved one’s life savings could be in jeopardy. On the other hand, a financial power of attorney can take effect immediately and costs less than a conservatorship.
Both a financial power of attorney and a conservatorship have advantages and disadvantages. A lawyer at our firm can review your situation and help you make the right decisions concerning these and other estate law matters.