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.