Thursday, May 21, 2015

Powers Of Attorney - They're NOT One Size Fits All

Are you familiar with the concept of a Durable Power of Attorney? If you or someone you know has spoken with a lawyer at the Lake of the Ozarks about setting up a will or a living will, you have probably heard the phrase mentioned at least once. Essentially, a "Durable Power of Attorney" is a document used to designate someone to handle important affairs or make critical decisions on your behalf in the event that you are unable to do so for yourself. Essentially, there are two main types of power of attorney: Medical and Financial.


Medical Power Of Attorney

Your medical power of attorney designates a trusted friend or family member you appoint to make and enforces important decisions about your medical treatment in the event that you become incapacitated. As an extreme example, your medical power of attorney will be responsible for seeing that your instructions are honored about whether or not to allow extraordinary measures or life support in the event you enter into a vegetative state with no chance of recovering. 

You can make it easier on your medical power of attorney by drafting a living will that can make your wishes known. A living will is a document that explains how you would like your medical care to be handled should you become incapacitated at a later date. If you have a living will in place, your medical power of attorney will use this document as a guide while making healthcare decisions on your behalf.

Financial Power Of Attorney

Your financial power of attorney is a trusted friend or family member you appoint to handle your finances in the event that you are unable to do so for yourself. These responsibilities can include paying bills, selling property, managing your investments, or filing your tax returns.

Choosing Your Power Of Attorney

Obviously, your durable power of attorney has big responsibilities. You have a right to appoint whomever you desire to act as your power of attorney (as long as he/she is a legal adult of sound mind). It is important to note that the person you choose does not have to be a medical or financial expert. Common sense and solid reasoning skills are important attributes for your designee to have, and if further expertise is required, professionals can be engaged to assist with the process on an as-needed basis. 

Both forms of power of attorney can be written so that they are only in effect if and when you are incapacitated, and they are extinguished upon the death of the person granting the authority.  

Contact O'Donnell Law Center For Help Designating Your Durable Power Of Attorney

If you are ready to assign a durable power of attorney or would like to add/change their responsibilities, O'Donnell Law Center is the team to call. Our Lake of the Ozarks legal team has everything you need to set up your estate plan easily and efficiently. We look forward to working with you!

Call the most trusted law firm at the Lake of the Ozarks to get started today.

O'Donnell Law Center

We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


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Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065
(Located on the McDonald's Side of the Building)

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