5 Reasons to Get Your Power of Attorney Today
One of the key documents in an estate plan is the Power of Attorney. A comprehensive and highly detailed Power of Attorney can help in life emergencies and in long term care planning. It is important that an elder law or trusts and estates Attorney assist you with drafting and signing your Power of Attorney to ensure that it works for you, your family, and your estate plan. Here are five reasons that you need a comprehensive Power of Attorney:
1) You choose who will make decisions for you.
Part of the Power of Attorney is designating someone as your “agent” or “attorney-in-fact.” Your agent is a person who is able to act on your behalf in ways designated by state statutes. While the Power of Attorney is standard it is important to discuss your Power of Attorney with an elder law attorney because the details of the document can assist with long term care planning and in case of an emergency.
2) Provides an opportunity for you to discuss your wishes.
Your agent should be someone you trust such as a child or sibling or spouse. When you designate this person as your agent you should talk with them about what your wishes are and what responsibilities they will have.
3) Allows your agent to communicate with your advisors.
Due to aging or life emergencies, there may come a time that you will need assistance with your finances or legal decisions. By assigning an agent under your Power of Attorney before you need assistance, your agent can communicate with your advisors regarding your wishes and directives.
4) Provides access and limitations to powers of agent.
A well-crafted Power of Attorney includes provisions that give, and limit, the access that your agent has to your assets. By having an attorney assist you with your Power of Attorney, your wishes can be incorporated into the document to legally protect you, your wealth, and your agent.
5) Provides peace of mind.
We often talk about the Power of Attorney as the most important document in an estate plan. This is because it is a document that holds power while you are living. By having this document in place you can ensure that your wishes and wealth are protected. Without a Power of Attorney, if you were to lose capacity, your loved ones may need to implement a legal proceeding to have a guardian appointed to oversee your person and property.
Do you want more information on the Power of Attorney? Do you want your Power of Attorney reviewed? Contact us for a consultation!