Power of Attorney
What you should know
Estate Planning: Power of Attorney
What is Power of Attorney?
A power of attorney is a limited tool that is most effective as part of a comprehensive estate plan. Powers of attorney can be general or drafted for a limited or specialized purpose. We can prepare a specialized power of attorney for temporary child care or for the purpose of signing specific legal documents.
There are different kinds of powers of attorney. Most people think of a durable power of attorney. This is a financial power of attorney that is used for your agent to take care of your financial assets – your bank accounts, insurance policies, etc. – while you are alive but incapacitated.
A medical power of attorney, also known as a patient advocate in Michigan, is the power to make medical decisions on your behalf while you are incapacitated. A separate Advance Directive is needed for end-of-life care situations.