What is a financial power of attorney and how is that different from a medical power of attorney?
A financial power of attorney allows you to choose someone you trust to handle your finances and other business dealings on your behalf. You can make the power of attorney effective immediately upon execution, which is often chosen by people who travel out of the country and need someone to handle their finances when absent from home. Alternatively, you can choose to have the power of attorney become effective only when you become legally disabled and are no longer capable of making decisions on your behalf, which seems to be the choice of most of our clients. A medical power of attorney allows you to designate someone you trust to make health care decisions when you are unable to do so. By having medical and financial powers of attorney, you should be able to eliminate: (i) any involvement by the courts in the handling of your financial and health care matters should you become incapable of handling same yourself, and (ii) any family disputes as to whom should be appointed as a guardi
