If you need someone to act on your behalf, you’ll need to draft up a power of attorney, or POA, to make that happen. If you want someone to take care of your stock options while you’re on vacation, buy you a car or house while you’re away on a retreat or want your child to look after your finances when you’re no longer fit and able to do it yourself, a power of attorney makes all these possible. Here are three of the most important types:
1. Health Care Power of Attorney
If you get into an accident or already have a life-threatening disease that would leave you unable to make decisions regarding your health care or treatment, then setting up a power of attorney to allow your loved ones or family to make the right decisions for you is a must. If you’ve got specific conditions regarding your treatment—like a do not resuscitate order—you can trust your agent to ensure those conditions and requirements are met.
2. Durable Power of Attorney
With the help of a power of attorney lawyer in Buffalo Grove, you can designate someone you trust to look after your financial interests. For instance, if you want to buy a home but are unable to see to the arrangements personally, a power of attorney will ensure the people you trust can take over the situation and look after your best interests.
3. HIPAA Power of Attorney
The Health Insurance Portability of Attorney or HIPAA dictates how health care providers share your personal information, says Forbes. With a POA, your designee is well able to issue medical decisions your providers might not be able to especially if it involves penalties. With a POA, your designee can better look after your health and interests.
So prepare for the future. That way, you and your family can be prepared for anything.