why should married couples have the different power of attorney

A power of attorney can be incredibly useful for married couples who spend a lot of time apart due to military service or frequent business travel. Depending on what the couple decides, this allows one of the spouses to handle financial transactions, real estate matters, and more on behalf of the spouse who can’t be there.

Full Answer

What is a power of attorney?

A power of attorney is a legal document granting powers to someone you trust to act in your place when you are not available or no longer capable of doing so. This person is called an agent or attorney in fact. Broadly speaking, there are two types of power of attorney: financial powers of attorney and medical powers of attorney. An agent appointed under a financial power attorney acts on your behalf with respect to financial matters. A medical power of attorney allows you to select the person who will make medical and care decisions for you when you lack the ability to give informed consent.

Why are powers of attorney important?

However, they are among the most important to ensure that your needs are properly met if you become incapacitated.

Do you need a power of attorney if you are married?

Many people mistakenly believe that there is no need to create powers of attorney if they are married. They may believe that they are protected if they and their spouse are joint owners of property, or that their spouse will automatically be able to make medical and financial decisions for them when they cannot. However, this is not always the case.

Can a spouse use a joint account?

With respect to financial issues, a spouse may be able to access and use funds held in jointly owned accounts to a certain extent , such as to pay bills. However, their rights are significantly limited in terms of selling or mortgaging property spouses own together. For instance, one spouse could not sell or refinance a home they own as joint tenants, nor sell vehicles owned jointly. Further, one spouse cannot access, control, or sell assets owned solely by the other spouse. This can cause significant issues when one spouse is incapacitated, and the other spouse needs maximum flexibility in order to provide for the care of both.

What is a Statutory Durable Power of Attorney?

A Statutory Durable Power of Attorney (aka Financial Power of Attorney) is used to appoint someone you know and trust as your “agent” to make financial decisions for you if you are no longer able to. As with a Medical POA, you may also appoint alternate and/or co-agents to make financial decisions for you if the need arises.

Can I have two powers of attorney?

The short answer is, yes. Of course, I guess I should first start off by clarifying that there are two different powers of attorney, both of which you should consider having in place.

Do you have to appoint the same person to act under a POA?

As with a Medical POA, you may also appoint alternate and/or co-agents to make financial decisions for you if the need arises. You do not have to appoint the same person (or people) to act under this POA that you designated for your medical POA (but you can!).

Can you have two co-agents?

In addition, you can appoint two or more people as co-agents to serve at the same time. Co-agents can be useful if, for example, you have two children who live in different locations away from you since either could show up to the hospital to make medical decisions on your behalf. However, you should think carefully before appointing co-agents. Once appointed, co-agents can act independently of one another. As you can imagine, this can complicate things when you have two co-agents who disagree on a particular medical treatment! As a result, you should make sure your co-agents generally get along and work well together beforehand. Not doing so could lead to unintended consequences!

Why is a power of attorney important?

The power of attorney is incredibly important if you become incapacitated through a medical condition, car accident, fall, or dementia. If your spouse doesn’t have a power of attorney, authorizing him or her to step into your shoes and act on your behalf, the court will intervene.

What to do if you don't have a power of attorney?

If you are married and don’t have an up-to-date power of attorney, consult with an experienced, qualified estate planning attorney and get one in place. Also, ask about the medical power of attorney, also known as an advance health care directive, so that your spouse is authorized to make medical decisions on your behalf.

Can a spouse be named as conservator of assets?

When the court intervenes, it may freeze your assets (even those assets you own jointly with your spouse) and your spouse may have to seek to be named as conservator of your assets. The court doesn’t always name a family member as conservator, especially if the spouse is aged.

Can you sign your spouse's name on a birthday card?

According to the old joke, “If he actually signed his name, the bank wouldn’t recognize it.”. However, except for the birthday card forging, signing your spouse’s name is illegal. This means, even if you’re married, you need a power ...

Do you need a power of attorney if you are married?

This means, even if you’re married, you need a power of attorney to authorize you and your spouse to sign each other’s names. A power of attorney is a legal document through which you authorize an agent (e.g., your spouse) to sign your name if it is inconvenient for you to do so or if you become incapacitated.

What is a durable power of attorney?

A durable power of attorney (POA) is a power of attorney given by one spouse to the other and allows the other spouse to handle certain business or monetary activities and/or medical decisions as detailed in the agreement.

What is the power of a spouse to speak to doctors?

To hire attorneys, accountants or other professionals. The medical power would allow the other spouse to speak to doctors, receive and review medical records, and make medical decisions, which work in conjunction with the Living Will.

Can a spouse have a will?

Married couples will often have legal estate documents prepared together. Such documents may include a will, leaving all property to the surviving spouse and/or the couple’s children, and a living will to direct the spouse how to handle medical issues if one spouse becomes incapacitated. However, another estate document may be beneficial for spouses -- a durable power of attorney.

Does Louisiana have a power of attorney?

While Louisiana law grants spouses certain rights to act for the other spouse, some activities may or may not be covered. A power of attorney ensures that the other spouse can act without question for the granting spouse.

Can a well spouse be a co-owner?

Some examples of business decisions in real estate matters where the well spouse is not a co-owner (perhaps because the real estate was a premarital asset or for other tax reasons) and can act for the incapacitated spouse are: To pay real estate taxes for properties that may not in both spouses ownership.