Powers of Attorney

Statistically speaking, within a given period of time, the probability of you dying is LESS than you becoming incapable of making financial and/or medical decisions for yourself.  Arguably, then, having proper Powers of Attorney in place is more important than having a Will or Trust!

A power of attorney is a document that you sign that gives someone else (your Agent) the authority to act for you under certain circumstances when you cannot.  If you don’t sign a power of attorney and you become incapable of managing your own affairs during your lifetime, either by accident or illness or other incapacity, there will likely be a court-supervised interdiction proceeding whereby you and your closest relatives will be at the mercy of the court and the court will, after considerable time and expense, pick a curator whose job it will be to manage your affairs and report to the court for permission to act on your behalf and for other matters. The interdiction is a burden that can be avoided.

Many people mistakenly believe that estate planning just involves getting their last Will and testament in place. Your Will does nothing for you in the event you become incapacitated during your lifetime. You need to make certain that you have the proper power of attorney documents in place. Laws in Louisiana regarding your power of attorney differ from the power of attorney laws of all the other states.

There are many reasons that you should sign a properly drafted power of attorney as part of your legal estate plan:

  • You will likely avoid the burdensome court-supervised interdiction proceeding that may be necessary when you become incapacitated and you haven’t executed a proper power of attorney
  • You can designate the person who will handle your affairs for you if you become incapacitated
  • If an interdiction is necessary, you can designate in your power of attorney who you’d want the court to designate as your curator or legal guardian during your incapacity
  • You can authorize your Agent in your Power of Attorney to engage in tax planning and Medicaid planning techniques that he or she would not be able to perform in an interdiction proceeding

Different Types of Power of Attorney

All powers of attorney are not the same. You need to make important decisions before you sign your power of attorney.

General Power of Attorney

While discussing your estate plan with your attorney, the attorney asks you who you’d want to manage your affairs if at some point in the future you become incapacitated. Your attorney explains that most people execute a properly drafted power of attorney as part of their estate plan. She explains the benefits of avoiding the interdiction proceeding. You tell the attorney that you would want your spouse signing for you if you were unable to sign during your lifetime, and you state that you would want your oldest son to do it if your spouse were unable. Your attorney prepares a general power of attorney authorizing your spouse to act for you and providing that your son can act for you if your spouse has died or is otherwise unable to act for you. If, for example, two years later you have a stroke and your house or vehicle need to be sold, it should be simple for your spouse (or your son if your spouse is unable) to sign the necessary documents allowing them to sell your assets if that is what is best for you.

Health Care Power of Attorney

You can designate in your health care power of attorney who you would want making your medical decisions for you if you are unable to make your own. You may have a different document called a Living Will Declaration whereby you declare your intentions regarding life-support machines, but your health care power of attorney covers other important medical decisions.
In Louisiana, you must be express about the things that you want your agent to do. If you want your agent to have the authority to do any of the following things, it must be expressly stated in the power of attorney. Express authority in the power of attorney document is required if you want your agent to have the authority to:

  • Make a donation during your lifetime
  • Accept or reject an inheritance
  • Take out a loan
  • Sell, buy, mortgage or lease something
  • Make health care decisions

Contact Our Estate Planning Attorneys Today

For over 25 years, Poché Estate Planning Law Firm has worked with clients from all walks of life to plan their estates. We are intimately familiar with all types of and options for powers of attorney in legal estate plans, and we can use our knowledge to help you implement your goals through the use of appropriate estate planning tools necessary to look after your estate.

During your initial complimentary visit at our office, we will discuss what’s important to you; what you hope to accomplish; and the special concerns you may have. We will then help you choose the best “next steps” for your family. After you choose your family’s plan, and with our help and guidance, you will be able to preserve your hard-earned assets and take care of your loved ones in your legal estate plan. We are here to serve as YOUR LEGAL COMPASS TO LIFE!

Please contact Poché Estate Planning Law Firm now to get started. We are ready to help with all of your estate planning needs.

SAVE YOUR SPOT AT ONE OF MRS. POCHE’S COMPLIMENTARY WORKSHOPS