Creating Powers Of Attorney
To protect yourself and your estate in the event you are incapacitated or when you die, you need powers of attorney for financial matters and health care. The estate planning attorneys at Landrum & Shouse LLP can draft the appropriate powers of attorney for you. We will explain the options you have and help you determine how to specify the powers each of your agents will have.
The people you choose to be your agents will have your power of attorney to make decisions on your behalf when you cannot make them for yourself. This may happen if you are incapacitated by injury, illness or dementia. It will also be necessary for your agents to act on your behalf after your death. Too many people make the mistake of assuming their spouse or children will automatically have this power, but that is not necessarily true. It is better to set up powers of attorney before you need them rather than leaving your family to seek conservatorship of you or your estate in an emergency.
Financial Powers Of Attorney
Your financial agent or attorney in fact will have your authority to make decisions regarding your finances and property when you cannot. This can include paying bills, selling property, transferring money, providing for your family and additional matters. You choose how much authority the agent has and whether he or she must give accountings to the executor of your will or another party. It is critical that your lawyer helps you limit the powers and specify when they take effect and how/when they will terminate.
Health Care Surrogates And Powers Of Attorney
Under Kentucky law, there are multiple options for giving your health care proxy to another person. If you create a health care directive, you can name a health care surrogate. This person will make decisions about the care you receive when you cannot make them yourself. The health care directive will specify your wishes and the surrogate must abide by them.
If you do not create a health care directive, you may name a person to have power of attorney regarding your health care decisions. If you choose this option, we will help you specify your wishes for health care and end-of-life treatment.