Estate Planning Basics Attorney in Northglenn, Colorado

What are the most common types of powers of attorney in estate planning?

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there’s two main powers of attorney that

come into play one of those is a durable

and miscellaneous power of attorney also

known as a financial power of attorney

in the second aspect is a medical power

of attorney and so they really do two

different things but they send stem from

the same base really that base is if

someone were to become incapacitated

with an inability to make decisions for

themselves who’s making decisions on

their behalf so incapacity can be

anything in regards to alzheimer’s

Demento or let’s say you’re in a car

accident you’re in a coma so doctors

typically determine that incapacity

framework but on the financial medical

power of attorney side so that durable

and miscellaneous power of attorney this

provides individuals the ability to make

financial decisions on their behalf

whether it be accessing bank accounts

whether it be going to pay bills or

whatever the case may be think of it as

them stepping into that individual’s

shoes as if they are them from a

financial perspective the then on the

flip side on the medical side that same

aspect but allows them to make medical

decisions on their behalf and there is a

large misconception that people if

you’re in the family you can make those

decisions for them legally that’s not

necessarily the case practically doctors

will usually defer if there are no

documents in place but then you leave it

up to let’s say you don’t get along with

your family and they come in and make

the decision for you the power of

attorney allows you to set someone who

you trust to be able to make decisions

on your behalf versus just some random

individual or random family member you

may not want to make that decision for

you

Northglenn, CO estate planning & probate attorney Cole Pokard talks about the most common types of powers of attorney in estate planning.

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