Why Your Medical and Financial POAs Should be Separate A Last Will and Testament cannot be used to handle your affairs if you experience a mental disability. Medical and Financial Powers of Attorney (“POAs”) are necessary documents for the creation of a solid estate plan. POAs allow you to name an agent to make decisions for you if you become mentally disabled and to help you avoid a court- ordered guardianship. Naming Different Agents With each type of POA you must name an agent. For a Medical Power of Attorney, your agent will handle your medical care including speaking with doctors for you and making any necessary medical choices. Your medical agent must follow your preferences and do what is best for you when making these life changing choices. A Financial Power of Attorney allows you to name an agent to monitor your finances. Because it is durable, it will continue to work even after you become disabled. You can stipulate what control your agent will have over your finances. Financial agent duties may range from depositing social security checks to investing your retirement funds. If you feel your medical and financial agent should not be the same person, separate agents can be named. Your financial agent will not have access to your medical information and will not be able to make those decisions for you. Your medical agent can focus on your medical care. This may be best, if you feel your medical agent would not be able to handle your finances and make wise investment decisions. Experienced estate planning attorneys Atlanta GA of the Pyke & Associates P.C. offers estate planning and business planning resources to residents of Atlanta GA. To learn more about these free resources, please visit http://www.cpyke.com today.
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