As longevity in the United States continues to increase, it is more important than ever for individuals to consider the possibility that they may experience periods of incapacity and/or disability during their lifetimes. There are various tools available to plan for these kinds of unforeseen circumstances. One of these tools is referred to as a “durable power of attorney.” A durable power of attorney is a written document wherein the maker gives another person the authority to make decisions on his or her behalf during his or her lifetime. There are two main types of durable powers of attorney, namely (1) a general power of attorney for financial purposes and (2) a medical power of attorney relative to healthcare decisions. Both types of powers of attorney involve a voluntary sharing of authority with agent designated in each respective document.
Planning for the possibility of incapacity and/or disability may be difficult to think about, but it should be considered when developing a comprehensive estate plan. The attorneys at Inosencio & Fisk, PLLC, will carefully walk you through your options and help you make decisions that are right for you.
If you have any questions or concerns regarding an issue involving estate planning, please do not hesitate to contact Inosencio & Fisk, PLLC, at (517) 796-1444.