Indianapolis Power of Attorney Lawyer
Any estate plan will include at least one “power of attorney.” A power of attorney gives the right to another trusted individual, whether a family member or another person, to act on your behalf should you become incapacitated. The named individual gains the legal right to make decisions on issues such as medical care, treatment, and life support. There are other types of powers of attorneys available to assist an incapacitated family member with making financial decisions, managing assets, paying bills, and handling their finances. At Trapp Law, LLC, we can help you establish an estate plan that makes sense, including the necessary powers of attorney.
Why a Power of Attorney is Necessary
There are many important matters that suddenly become urgent if you become incapacitated due to age, illness, or a sudden accident; you want your care and treatment to reflect what you believe will be most beneficial to you and for your loved ones.
Rather than leaving the people you love faced with making healthcare decisions (possibly creating conflict within the family), it is better to have your individual wishes carried out by a person you select to have power of attorney. The future is uncertain and even with the best of plans, a sudden illness or injury may leave you unable to make decisions.
Various Types of Powers of Attorney in Indiana
A power of attorney can give the right to another for various purposes. The types of powers of attorney include:
- Financial power of attorney: This power of attorney has two different forms; one option is a durable power of attorney which is immediately in effect, or a power of attorney that becomes effective after a physician declares you incapacitated.
- General power of attorney: This power of attorney gives the “attorney-in-fact,” or your named individual, the right to make financial decisions on your behalf, but is voided if you become incapacitated.
- Limited power of attorney: This customized power of attorney gives another trusted individual the right to perform certain actions on your behalf.
- Medical power of attorney: This power of attorney gives a trusted person the right to make medical decisions on your behalf should you become incapacitated. In many families, a spouse will be given medical power of attorney.
- Tax power of attorney: This power of attorney makes it possible for the named party to file state taxes on your behalf. In Indiana, the power of attorney procedures related to state taxation were established by the state government.
Your Estate Plan
It is important to have your affairs in order, especially if you have children. Families with young children can experience extreme difficulties if an accident or illness occurs. Those who are retired should begin the process as early as possible. Speak with our experienced estate planning lawyer at Trapp Law, LLC in Indianapolis to begin the process. We offer extensive experience in estate law, and all work is performed at reasonable rates.
We offer extensive experience in estate planning and can assist those who require only simple plans to crafting comprehensive plans for high net worth individuals and couples. Your loved ones will appreciate that you took the time to put your affairs in order. Your powers of attorney are one vital component of a professionally-crafted estate plan.
Your estate plan is not a cookie-cutter process, as there is no one size that fits all. Professional estate planning requires a full understanding of your wishes and the establishment of an effective plan that will achieve those wishes. For business owners, a succession plan is critical. What is right for you? Speak with our estate planning attorney at Trapp Law, LLC, for an initial consultation.