Whether you are in excellent health or have a have a progressive medical condition, you can benefit from a durable power of attorney. The simple document can be prepared with or without the assistance of an attorney and names a person who you entrust to handle your financial affairs if you become unable to do so yourself. A financial power of attorney offers benefits to you and your family members.
If you ever become suddenly ill and are unable to handle your banking matters or deal with your insurance company, having a power of attorney in Hawaii can ensure that your business is taken care of when you cannot personally do it. Without a power of attorney, your family may have to get the approval of a judge before they could inquire or make withdrawals from your bank account. HIPPA regulations prohibit your family members from getting information about your health condition or the status of your insurance payments without your express consent. Your doctor or health insurance company will need a copy of your power of attorney before they will talk about your situation with your loved ones.
Before you sign a power of attorney in Hawaii, it is important to understand the rights you are giving to the person named in your document. While it may make sense to sign joint powers of attorney between spouses so you can sign financial documents for each other, you may want to limit the power of attorney you give to your adult child so they can only handle your finances or health care decisions if a doctor determines you are incapacitated. An experienced attorney such as Cheryl Takabayashi can help you draft a power of attorney that is right for your personal situation.
A power of attorney is only valid as long as you live. The person you name as your agent while you are alive can only handle your financial matters after you die if you also list them as the executor of your estate in your will. Consult your attorney to ensure that your documents are filled out properly so that your wishes will be enforcable.
