Powers of Attorney
Do You Need A Power of Attorney?
Most people know that estate planning is an important part of a larger long-term plan. However, many do not take advantage of all of the aspects of estate planning, including the benefits of having powers of attorney for both their finances and their health. Michigan residents should consider creating powers of attorney as part of their estate plans to ensure their wishes are followed, regardless of their physical or mental conditions.
For over 30 years, the attorneys at the law firm of O'Reilly Rancilio have helped clients in Macomb County and the surrounding Detroit metropolitan area with a broad range of estate planning-related matters.
Types of Powers of Attorney
There are several common types of powers of attorney, and, together with the rest of a complete estate plan, they can protect you, your assets, and your financial obligations should you become incapacitated:
- The first type is a general power of attorney. This approach allows the person designated, known as the "attorney in fact," to make legal or financial decisions on your behalf. A general power of attorney is not dependent upon your mental or physical state.
- The second type is a durable power of attorney, which allows the attorney in fact to conduct business on your behalf in the event you become incapacitated. This is a common choice for those who want to ensure their business can be conducted should they become unable to make their own decisions.
- The third type is a durable power of attorney for health care, sometimes known in Michigan as an"advanced directive" or "health care proxy". This choice limits the decisions the attorney in fact can make to health care-related matters only, and only becomes valid if and only if you are unable to make health care decisions on your own behalf.
If you would like to learn more about powers of attorney or you have a question about another matter related to estate planning or probate in Michigan, you can turn to the experienced lawyers at O'Reilly Rancilio.
Our powers of attorney attorneys are: