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Planning for incapacity through POAs in Virginia

On Behalf of | Jul 23, 2024 | Firm News

Many estate planning experts encourage adults of all ages to prepare for the possibility of incapacity in the future. While no one wants to think about the possibility of not being able to make decisions for themselves, the reality is that many Americans will become incapacitated due to a physical or mental health condition.

The best way to prepare for this possibility is to make sure your estate plan addresses who will oversee making medical and financial decisions on your behalf if you are no longer able to make these decisions for yourself. If you are a Virginia resident, you may create both medical and financial powers of attorney (POAs).

Medical POA

A medical POA, or advanced medical directive, is used to give another person the power to make medical decisions on your behalf if you are incapacitated. The person you choose, or your agent, must be a legally competent adult (at least 18 years of age). Many people choose a spouse, adult child, or trusted family member or friend who will honor their wishes and advocate for them if necessary. An agent may be asked to make decisions regarding:

  • The administration or withdrawal of treatment
  • End-of-life care
  • Life-saving measures/resuscitation
  • Long-term care facilities or at-home care

Financial POA

An agent named in a financial POA will have the power to make financial decisions on your behalf in the event of your incapacity. Your financial agent may have to make decisions regarding:

  • The purchase or sale of assets
  • Investments
  • Deposits or withdrawals of cash
  • Payment of estate expenses
  • Tax filing

If you are in the process of estate planning, you should consider including medical and financial POAs in your estate plan. In addition, if you have a minor child, you may use a minor POA to choose a guardian to care for and make decisions for your child if you become incapacitated.

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