Stark Reagan PC

Personalized Legal Advice Focused on Your Goals

Clarify Your Decisions Regarding Life Care And Finances

After your will, the next most important estate planning documents are effective powers of attorney.

A power of attorney allows you to name another person, known as an attorney-in-fact or agent, to make decisions on your behalf in the event you are physically or mentally incapacitated. A power of attorney can address financial decisions or health care decisions.

General Durable Power Of Attorney (Financial)

A general durable power of attorney allows another person to:

  • Manage your financial affairs
  • Pay bills and taxes and make gifts
  • Collect income, Social Security payments, or retirement benefits
  • Buy or sell real and personal property
  • Continue running your business
  • Initiate or resolve legal disputes

Durable Power Of Attorney For Health Care

A durable power of attorney for health care allows a designated person to:

  • Make emergency and nonemergency medical decisions
  • Manage other health issues
  • Make advance care decisions

You can define the terms of your power of attorney to include any or all of these powers.

The attorney-in-fact can be anyone who is not a minor and who is legally able to enter into a contract — a friend, relative, or associate. The most important requirement is that the attorney-in-fact knows you and knows what your wishes are likely to be.

Why Powers Of Attorney Are Critical

The preparation of a power of attorney is not a complex or expensive undertaking, and is therefore preferred to the alternative of seeking guardianships or conservatorships following incapacity – each of which involves court oversight. Without a valid power of attorney, critical financial and medical decisions may be left unmade.

Contact Stark Reagan PC in Troy, Michigan, at 248-641-9955 or by email.