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LEGAL and FINANCIAL ISSUES.
Taking control of your future is best when you are able to consult with loved ones and
professionals, as well. Losing mental functionality is a sensitive subject but it is important to
make provisions for someone else to handle business or medical affairs. Consult with an attorney
and have a “legal check up”. Make sure you have a
• Power of Attorney
• Medical Power of Attorney
• Directive to Physician
• Pre-Need Declarations of Guardianship in place.
For your family, it is a gift you are able to give them during difficult times.
Powers of Attorney appoint another person to make decisions for you, healthcare or financial. The
person you (“Principal”) appoint (known as your “Agent”) should be trusted and also know your
wishes. Your agent will act on your behalf if you are unable to take care of business matters on
Types of Powers of Attorney
• Durable Power of Attorney
The word “durable” makes the Power of Attorney last through the Principal’s incapacity.
• Springing Power of Attorney takes effect at a specific date or event, such as the Principal
becoming incapacitated. The event should be defined and the Agent must prove to a third party the
event took place.
• Immediate Power of Attorney takes effect at signing and the Agent does not need to prove any
event has taken place. The Agent may immediately use the Power of Attorney to manage the
Note: Laws may vary from state to state.
Who should you appoint as your Agent?
The person you appoint as your agent must be someone you trust implicitly. Your agent should
understand the types of decisions you would make. The person you select should have good financial
skills and be trust-worthy to handle your financial matters. They should be available when needed.
If you have been appointed as Agent , know that it carries a heavy responsibility. Legally you have
the duty to be more careful conducting business for the Principal than even your own personal
business. You must keep the Principal’s property separate from your own. Banking institutions will
assist you in setting up accounts in the name of the Principal that list you as the Agent only. It
is best to seek legal advice to gain full understanding of the requirements.
If you have executed a Power of Attorney take it to your bank, financial advisor or stock broker to
be sure they will honor it.