It's true. Knowing the code of Powers of Attorney, the difference between a FDPOA and a HCDPOA can save your life.
In estate planning, Durable Powers of Attorney are critical and fundamental. Every estate plan, if properly drafted, will consist of both of these documents.
FDPOA: The Financial Durable Power of Attorney.
A FDPOA or Financial Durable Power of Attorney represents your choice of financial decision makers for any period you cannot speak for yourself due to incapacity. Think of all the financial parts of your life, from paying your bills and other periodic payments to filing your taxes. Those things need to occur even if you are incapacitated. Your FDPOA can accomplish that for you.
HCDPOA: The Health Care Durable Power of Attorney.
A HCDPOA or Health Care Durable Power of Attorney represents your choice of health care decision makers to speak for you during incapacity. From medical treatment to living arrangements, decisions need to be made. If you cannot speak for yourself due to disability, your decision makers as listed in your HCDPOA can make these decisions for you.
So these letters: FDPOA and HCDPOA represent the Power of Attorney Code. Whether it's a FDPOA or a HCDPOA, knowing the code protects you and helps your family if you ever experience a disability which prevents you from speaking up for yourself. Knowing the code could save your life.
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