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In most estate planning packages, there are two types of powers of attorney: the Healthcare Power of Attorney and the Durable Power of Attorney. Some estate planners combine these documents into one.
Healthcare Power of Attorney
The Healthcare Power of Attorney allows you to appoint a person(s) who can make healthcare decisions in the event you are unable to do so. As with most appointments, it is advisable to have one person named as primary and at least one backup.
Durable Power of Attorney
A Durable Power of Attorney allows you to appoint a person(s) who can make decisions for you with regard to personal, financial and business matters if you are unable to do so. As with most appointments, it is advisable to have one person named as primary and at least one backup.
The designation made in any power of attorney is an important one and therefore the person(s) named should be someone you trust and who will look out for your best interests. Because the positon involves a fiduciary relationship with you, the person appointed is legally obligated to act in good faith on your behalf.
If you should become disabled or incompetant and do not have a Durable Power of Attorney and a Healthcare Power of Attorney, it may become necessary to establish a court-appointed guardianship. Most people agree that a guardianship should be avoided since guardianship is expensive, slow, and can be demeaning to you.
For additional information or to discuss preparation of a Healthcare Power of Attorney or a Durable Power of Attorney, visit: www.linslawgroup.com
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The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask the lawyer to send you information about their qualifications and experience.
(c) Copyright 2008 Michael Lins, Attorney
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