Is a Financial Power of Attorney Different from a Power of Attorney?
A designated power of
attorney can be a very useful legal instrument in the event of an untimely
medical issue that leaves an individual incapacitated. Many people suffer
medical problems that leave them unable to make personal decisions, and a power
of attorney designee can be instructed regarding the wishes of the affected
person. In fact, a power of attorney can actually be divided over three
different areas of a person’s life. It is important for any of the three
primary power of attorney designations to be established as valid enforceable
tools in case of a calamity, and the experienced Coral Springs FL estate
attorneys at Bakalar & Associates can ensure all aspects of the
decision.
Durable Power of Attorney
A durable power of attorney allows one particular individual to serve in the
stead of the primary party and is able to sign documents and make decisions
regarding legal need. They are effectively a “stand in” individual
charged with making personal decisions. It is important for this individual to
be very trustworthy and usually the closest family member or personal friend.
This assignment particularly affects financial decisions but can include
medical decisions. However, financial POA and medical POA can be separate
assignments.
Medical Power of Attorney
A medical power of attorney assignment will give the designated individual the
authority to make medical decisions and sign medical documents for the primary
party and can be separated from financial responsibilities. While a typical POA
will be durable, some cases involve a primary party who also holds financial
assets in partnership with someone else, necessitating a split designation.
HIPPA Power of Attorney
A third form of POA refers to HIPPA information. This individual will determine
who can or cannot see the medical information regarding the primary party and
is largely administrative. This can be useful in certain instances when privacy
is a concern.
South Florida residents should always consult with an experienced attorney like
the professionals at Bakalar & Associates before making any final decision on a
POA assignment.