![]() The first-named HCPA can be replaced if unavailable and differ by state. You appoint a person as your agent or healthcare proxy on the HCPA document.Ī healthcare power of attorney is helpful if you can't express your wishes on medical care and treatment. Healthcare Power of Attorney (HCPA) allows you to appoint someone else to handle your healthcare decisions. You may need a court to declare you incompetent without a general durable power of attorney. Bills, investments, and bank accounts management.Transactions handled by an attorney-in-fact include: ![]() Agents are also attorneys-in-fact, but they don't have to be lawyers. POAs can take effect immediately or when you become incapacitated. Sometimes named a durable power of attorney for finances. Durable Power of Attorney (POA)ĭurable powers of attorney grant someone the authority to act in a selection of legal and business matters and remain effective even when you are incapacitated. But trusts involve maintenance, and if you fail to transfer important assets into your living trust, a pour-over will is valuable because it acts as a safety net for any assets you did not transfer before death. A revocable living trust helps avoid the lengthy probate process. In case of death, your trustee transfers your assets to your beneficiaries as you wish. ![]() But families with large, complex estates and multiple beneficiaries often use it. Creating a living trust does not require a threshold asset size. Often called a revocable living trust, this legal document allows you to transfer assets to beneficiaries and manage them during your lifetime.
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