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Establishing powers of attorney important part of estate planning

As long as one remains healthy, financial and medical decisions are just a normal part of daily life. However, if the individual suffers an accident or medical condition and is unable to make sound decisions, it will be necessary for someone else to step in. With the proper estate planning documents in place, the individual is able to specify who should be the one to step in; however, without these documents, it will be left up to the Michigan courts to appoint someone.

The first document one will need is a durable power of attorney. This power of attorney specifies another individual who has the ability to make financial decisions on behalf of the individual. Thus, if the individual is unable to pay bills, conduct real estate transactions or some other financial necessity, there is a trusted individual who has the authority to take care of these financial matters.

Another important document is the health care power of attorney. This power of attorney specifies another individual who has the ability to make medical decisions on behalf of the individual. Then, if the individual becomes ill or incapacitated, another individual can make the necessary medical decisions. Typically, this decision maker is aware of the individual’s desires are far as treatment options are concerned.

Establishing designated individuals to make financial and medical decisions for the individual is an important part of the estate planning process. An experienced estate planning attorney can assist the Michigan resident in determining which documents are needed. This way, the individual remains in charge of his or her future rather than leaving important decisions up to the courts.

Source: ophthalmologytimes.modernmedicine.com, “Basic estate planning protects individual and legacy“, John J. Grande, Traudy F. Grande and John S. Grande, Oct. 26, 2017