People ask us a lot for the definition of a POA: A power of attorney document names someone (called the “agent”) to make legal decisions on another person’s behalf (the “principal”) if the person is not able to. Additionally, if you have aging parents or other relatives, you might encourage them to set up power of attorney while they’re still able.Īnd yes, married couples often need POA, too, even if they have joint accounts! We'll break down your questions, from "what is POA?" to "who can override a power of attorney?" and "how do I get a power of attorney?" What Is Power of Attorney? You might choose to put a power of attorney in place for yourself, just in case. This person is known as the? patient advocate. And, also…Ī? d urable p ower of a ttorney for h ealth c are ?will name someone to make medical decisions for you if you aren't able to make those decisions for yourself. Although a l iving w ill is not legally binding in Michigan, it lays the ground work for the types of decisions you've made and gives direction to your loved ones about your wishes. There are typically two parts to an advance directive:Ī ? l iving w ill ?states your desire regarding life-sustaining medical treatments. Deciding these difficult things in advance lessens the burden on family members during times of great stress.Ī conversation is a great beginning, but a more formal document, known as an advance directive, will clearly state your wishes about a course of medical treatment should something happen to you. Though it may be initially uncomfortable, the early conversations with your loved ones ensure your values are respected and understood.
ORS?will be able to discuss your account with your named representative, just as if it were you on the phone.
Be sure when you file the form that you really want the following things to happen: Filing a power of attorney form with ORS sets certain actions into motion. Your representative is not allowed, for statutory reasons, to change beneficiaries for any reason on any type of account. Your representative can also conduct business related to medical, prescription drug, dental, and vision insurance coverage changes or premium payments. After filing the? f inancial p ower of a ttorney, your representative will be allowed to conduct business with? ORS ?related to pension payments, pension tax withholdings, and tax documents (like the Form 1099-R ).