Share

Sanford Law Firm Estate Planning and Elder Law Blog

Thursday, June 20, 2013

Five Estate Planning Documents You Should Understand Part II

During your lifetime you may appoint a person to manage your estate (assets) and your person (medical affairs) in the event that you become unwilling or unable (lack capacity) yourself.  To appoint such agents you would use Durable Power of Attorney for Financial Management and A Health Care Power of Attorney. 

With the Durable Power of Attorney for Financial Management you appoint a person to handle you money and other valuable assets.  The document itself will spell out the powers granted.  Those powers may be very broad allowing your agent to do everything you could do with your money, or they could be very narrow allowing the agent to do a specific act during a specific time. 

Often your financial power of attorney will be valid immediately upon signing.  However, you may also draft the document to be effective only after some triggering event, usually your incapacity, which is known as a springing power of attorney. 

The Health Care Power of Attorney is just like the Financial Power of Attorney except it deals with decisions over your person rather than your stuff.  The people you appoint in this document will be the ones talking to your doctors.  A good Health Care Power of Attorney will also comply with HIPAA medical release rules so that the agents can access your records to make an informed decision.  The Health Care Power may also be combined with the Living Will allowing you to give instructions on the receipt of life prolonging measures.

Feel free to contact us if you have any questions regarding either of these documents.

In Part III we will discuss, briefly, the Living Will and HIPAA Medical Release.

 


Archived Posts

2017
2016
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
2013


Based in Charlotte, NC the attorneys at Sanford Law Firm, PA assist clients throughout North Carolina including Charlotte, Monroe, Cornelius, Gastonia, Mecklenburg County, Cabarrus County, Lincoln County, Iredell County, Catawba County, Gaston County, Rowan County, Union County, Pineville, NC and Matthews, NC.



© 2017 Sanford Law Firm PC | Disclaimer
Colonnade Executive Suites 1811 Sardis Road North, Suite 207, Charlotte, NC 28270
| Phone: 704-900-0544 | 704-900-0547
19410 Jetton Road, 150, Cornelius, NC 28031
| Phone: 704-900-0544

Advanced Estate Planning | Estate Planning | Estate Planning with Wills | Planning for Children | Veterans Benefits | Estate Tax Planning | Family Limited Partnerships | Guardianships | Asset Protection | Business Succession Planning | Elder Law | Special Needs Planning | Probate / Estate Administration | Estate Planning/Non-Traditional Families | Pet Trusts |

Attorney Website Design by
Amicus Creative