While many people think of estate planning as the distribution of their assets, it is also a valuable tool for ensuring that your wishes are protected. Commonly overlooked, powers of attorney are essential in case you become physically or mentally incapacitated. When you determine powers of attorney, you select an individual to make essential choices on your behalf and act in your best interest. Lassiter & Sperati, PLLC, has assisted North Carolina families with estate planning for over 100 years, and we can confidently explain your options and help you prepare for any eventuality.
Understanding Your Options
To establish power of attorney, you need to select a trusted agent to make decisions on your behalf. You may choose one agent to determine all of your choices or select multiple agents to manage separate aspects of your life. We regularly help families establish:
- Financial power of attorney: Your agent controls your investments, pays your bills and manages all financial accounts.
- Health care power of attorney: Your agent makes all medical decisions on your behalf. This may include selecting medical procedures, medications or executing your end-of-life wishes. Many people create a living will in order to explain their medical preferences.
- General power of attorney: Your agent assumes control of your business and determines its future direction.
Our attorneys can explain each option in further detail and walk you through the process to protect your future care.
Should You Make Their Power Durable?
When you establish powers of attorney, you determine their degree of permanence. You may decide to make their power durable, meaning that your agent retains their decision-making abilities even if you heal. Your other option is for their power to dissolve upon recovery. If you select this option, be aware that you will need to rename another power of attorney in case you are once again incapacitated. Their power does not automatically reinstate. We can carefully discuss your options and help you select the right solution given your circumstances.
Contact Us To Explore Your Estate Planning Options
While no one anticipates medical complications that limit their decision-making abilities, it is important to prepare for any possibility. Call 252-557-4582 to discuss your estate plan with our dedicated lawyers, or contact us online.