The Importance of Having a Power of Attorney

Estate planning is not just about making arrangements after you’ve passed. It’s also ensuring that if you were to become incapacitated or unable to make decisions, you have someone ready to step in and act as your power of attorney.

Before naming someone as your power of attorney, it’s a good idea to know what that means and why it’s an important step in your estate plan.

What Is the General Power of Attorney?

A Power of Attorney (POA) is a legal document in which a person appoints someone else to act in their place in the event they’re unable to make decisions for themselves. A general POA allows a person to handle your assets and manage your care. As such, you want to make sure it’s someone you fully trust. 

Prevents Questions About Intent 

It’s all too common for the family members of an incapacitated loved one to end up in court over disputes. These situations can be very high stress and volatile, and many could have been easily avoided.

A detailed, well thought power of attorney document that has been advised by an attorney will eliminate the need for family members to fight it out in court.

Avoids the Necessity of a Guardian 

Someone who does not have a power of attorney at the time they become incapacitated has no option but to be given a guardian appointed by the court. The case will be consistently monitored, making it an expensive process, and one in which the incapacitated person has zero input on who serves as guardian. 

Gives An Opportunity to Express Wishes

There are many roles of a general power of attorney but the main ones are to help in making medical decisions and when dealing with financial and legal matters.

A lot of thought and consideration goes into creating a Power of Attorney, especially in choosing who will be the agent (or the person who has the power). Therefore, when the document is about to be signed its a good opportunity for both parties to discuss wishes and even determine if that person wants to hold that responsibility.

Assigning a POA can be very complex. These are decisions that will determine how your life will play out when you’re at your most vulnerable. No matter the circumstances of your case, our attorneys will be able to walk you through the entire process and make sure you’re taken care of legally.

To further understand the importance of having a power of attorney and the process involved, contact Hosmer, King and Royce to schedule a consultation.