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Legal documents for emergencies

None of us knows what might happen next. We might win the lottery or we might find ourselves in the hospital. In the case of the latter, it is absolutely critical that we have the right documents in place so that our loved ones can assist us however possible.

Financial Power of Attorney

Financial Power of Attorney

The Financial Power of Attorney, or FPOA, allows a person of your choosing to manage your finances in the event that you become incapacitated. The amount of control they are given over your finances is specified by you in the FPOA.

A "durable" FPOA grants the person permanent authority over your finances for as long as the FPOA exists. Otherwise, the FPOA can be used for only one instance in which you are incapacitated. It then becomes null and void.

A "springing" FPOA does not give the person authority over your finances until after you become incapacitated. Otherwise, the person is given authority as soon as you sign the FPOA. A springing FPOA can be durable or not.

An FPOA is automatically terminated upon your death. At which time, the executor of your estate will likely take over the management of your financial affairs.

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Living Will

Living Will

A living will tells your loved ones what kind of medical care you want to have in the event that you become incapacitated. You can be as specific as you like such as what medical procedures you do not want to undergo, what medicine you do not want to be given, etc. A Living Will is automatically terminated upon your death.

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Healthcare Power of Attorney

Healthcare Power of Attorney

The Healthcare Power of Attorney (HPOA) allows a person of your choosing to make healthcare decisions on your behalf. This might be necessary in the event that you do not have a Living Will or your Living Will does not specify your wishes for all possible medical scenarios. The person you select to manage your healthcare decisions cannot override any healthcare instructions included in your Living Will. An HPOA is automatically terminated upon your death.

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