Can You Create a Joint Medical and Financial POA?

By Deborah Sexton  

During incapacity planning you may use a Durable Power of Attorney for Health Care and a Durable Financial Power of Attorney to handle your personal and financial matters in the event that you become disabled. Through each of these documents, you may name an agent to make decisions for you. So, wouldn't it be simpler to make just one document for both purposes? It might seem so, but really it is best to state these needs in separate documents.

Medical

A Durable Power of Attorney for Health Care covers your medical needs if you become disabled. If you are deemed mentally disabled or terminally ill, you may no longer be able to competently voice your preferences for medical care. You can set your wishes out in a Living Will for your very final stages of life, but a Power of Attorney allows you to appoint someone to make real decisions that may or may not be covered in your Living Will such as deciding your medical care during a temporary incapacity.

Financial

Your Durable Financial Power of Attorney will cover the financial and physical assets of your estate. This may include handling your financial accounts, managing real estate, spending and investing income, paying bills, and managing and investing retirement accounts.

Your Agents

With each type of power of attorney, you will name an agent. Your health care agent will only cover your medical needs while you are unable to make your own decisions. If you wish, your financial agent may cover your finances even while you are healthy. Some married couples opt for financial power of attorneys in case one spouse is out of town and needs the other to sign for him or her.

Benefits of Separate Documents

There are several benefits to creating separate documents for your finances and medical care. First, you have the flexibility to name a different agent for each purpose. What if your medical agent is no good with finances? Or what if you don't wish to share your medical information with your financial agent? By having separate documents you can keep your financial and medical affairs private.

Deborah Sexton Law Office, PA is a leading provider of expert estate and financial planning in Fayetteville, AR. Our firm is dedicated to providing you with quality estate planning resources, so you can become familiar with all of the existing options. When you visit or call our office, we want you to feel comfortable discussing such an important issue concerning both you and your family. We want to arm you with the information you need to make an informed decision about your family's future. For more information on estate taxes, visit our website.

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