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How can you protect yourself if you become incapacitated?

On Behalf of | Apr 18, 2023 | Estate Planning |

No one wants to think about a world where they can no longer make critical decisions. Unfortunately, incapacitation can happen to anyone. Accidents or illnesses can take away a person’s ability to legally consent to medical procedures or to make financial moves.

You should have a power of attorney in your life plan to protect your health and finances.

Agents for your healthcare

A healthcare power of attorney names an agent to make medical decisions if you become incapacitated. Most people choose a close family member or spouse as an agent for healthcare. The person you name in your POA should be someone you trust will uphold your values and follow your instructions to the letter. The POA will be the one who decides the treatment options given to you if you cannot choose for yourself. The POA will also follow your instructions on end-of-life care or life-sustaining procedures.

Agents for your finances

When it comes to finances, you will need someone to take care of your bills, investments and other financial business if you no longer can. The person in charge of your finances should understand how you view money and know how to pay bills and invest wisely. Look for someone with experience working with finances or who has the time to focus on your finances if you no longer can.

You can name several agents in your power of attorney. For instance, you may have a close friend or family member handle your bills and other debts while a financial advisor handles your investments.