HCPOAs and FPOAs: Their Role in Your Estate Plan
Many people think estate planning is only about deciding who inherits their assets after they pass away. But a crucial part of estate planning involves making decisions for your own well-being during your lifetime—especially if you’re ever unable to care for yourself.
What happens if you become incapacitated due to an accident or illness? Who will manage your finances or make medical decisions on your behalf? Without proper planning, your loved ones may have to go through the lengthy and costly process of obtaining a court-appointed guardianship.
The good news is that you can avoid this by establishing two key documents: FPOA and HCPOA.
- Financial Power of Attorney (FPOA) – Authorizes someone you trust to handle financial matters like paying bills, managing accounts, and maintaining your assets if you’re unable to do so.
- Healthcare Power of Attorney (HCPOA) – Allows a designated person to make medical decisions on your behalf if you’re incapacitated.
Having an HCPOA and FPOA in place not only protects your interests but also alleviates stress for your family. In an already difficult time, your loved ones won’t have to navigate legal hurdles to ensure your finances are in order or make critical healthcare decisions on your behalf. Instead, they can focus on supporting you and managing the situation with clear guidance.
The FPOA and HCPOA documents, prepared by an attorney, provide peace of mind and ensure your affairs are managed smoothly in an emergency. Estate planning isn’t just about what happens after you’re gone—it’s also about protecting yourself and your loved ones while you’re alive.
