Choosing Financial POAs & Health Care Proxies
What happens if you suddenly can’t manage your finances or speak to your doctors? That’s the reality estate planning beyond the will addresses. Blustein, Shapiro, Frank & Barone, LLP Partner Megan Conroy recently joined Bob O. on Oldies 98.9 FM to discuss two essential documents: the Financial Power of Attorney (POA) and the Health Care Proxy. They ensure your critical financial and medical decisions are always made by someone you trust, according to your wishes.
Financial POA: Protecting Your Assets and Avoiding Guardianship
A Financial POA is a legal document that allows you to designate a trusted person to manage your financial affairs, such as banking, real estate, and bill paying.
Everyone over the age of 18 should have a POA in place, as it’s essential not just in times of incapacitation but also for convenience (e.g., if you are traveling or unable to get to the bank). Crucially, having a POA helps you avoid guardianship, a costly, time-consuming, and invasive court proceeding where a judge appoints someone to manage your finances if you lose capacity.
Health Care Proxy: Your Voice in a Medical Crisis
A Health Care Proxy is a legal document that allows you to appoint an Agent to make medical decisions for you if you become unable to communicate your wishes due to illness or injury.
This document is the cornerstone of healthcare planning because it ensures that your medical treatment preferences, moral beliefs, and religious values are followed, especially concerning life-sustaining treatment. The Health Care Proxy works alongside other documents like a Living Will and HIPAA Authorization to make sure your agent can access necessary information and effectively act as your voice.
🎧 LISTEN TO THE FULL INTERVIEW
Tune in to hear Megan’s full conversation with Bob O. and learn:
- The critical differences between Financial POAs and Health Care Proxies.
- Key qualities to look for when choosing an Executor, Trustee, or Agent.
- Why naming successors and backups for all helper roles is critical.
Proactive planning is essential—it’s never too early to start. Achieving true peace of mind means knowing you and your family are protected. Our team is here to guide you through careful, compassionate planning.
Contact the attorneys at Blustein, Shapiro, Frank & Barone, LLP today to schedule a consultation.