A Power of Attorney is generally considered an essential part of any estate plan, because of how important it is to protect your interests while you are still alive. Without one, you may find yourself in a legally tenuous situation that can cause endless grief for both you and your loved ones. Here are five reasons you should make sure to get a Power of Attorney as part of your estate plan:
- You can be prepared for any emergency
- One of the most important reasons to obtain a Power of Attorney is it allows you to appoint someone to handle your legal and financial affairs in the event that you become unable to handle them yourself. For example, should you become seriously ill, or getting into an accident that leaves you incapacitated an agent under a Power of Attorney can handle your financial affairs while you recuperate. It can also assist if you suffer from dementia, or any other degenerative condition that leaves you unable to care for your financial affairs.
- It allows you to put someone you trust in charge of your Financial Affairs
- Another important reason to obtain a Power of Attorney is that it allows you to choose who will handle your financial affairs should you become incapacitated. It also allows you to arrange for a successor (backup) person to handle your finances, in the event that the person you originally chose is unable or unwilling to take on the responsibility. You can then ensure your financial affairs will be in good hands.
- You can know your finances will be handled
- One of the biggest concerns that many people have when they suffer a serious injury or illness is what will happen to their finances. Fortunately, with a Power of Attorney, you do not need to worry, as the person you appoint as your agent under your Power of Attorney will be able to handle your financial affairs. This means your bills and financial obligations will be handled by the agent you selected.
- You can avoid serious potential legal problems
- With incapacity comes a number of serious potential legal issues, that you will obviously be in no position to handle yourself. The person you select as your agent under a Power of Attorney can represent you in all legal matters, including signing documents on your behalf and going to court if necessary. This ensures that most legal issues that may arise will be address by the agent under your Power of Attorney.
- You can avoid a guardianship
- You may also use a Power of Attorney to avoid the need to seek a court appointed guardian which is an added legal expense and involves court oversight. While a Guardian may have many of the same powers as an agent under a Power of Attorney, a Guardianship is a much more involved and complicated court process. With a Power of Attorney, you avoid many of the costs and difficulties involved with a Guardianship which makes things easier for you and your loved ones.
Whether for yourself or for a loved one, estate and elder law planning can be overwhelming and emotionally taxing. The legal professionals at Hobson-Williams, P.C. will advise you on the options available to you, and help you establish a plan that best suits your needs. Call (718) 210-4744 or visit our contact page to speak to one of our attorneys and learn how Hobson-Williams, P.C. can help you gain the peace of mind that comes from being prepared for the future.
Great piece on regulatory compliance! Could you provide tips on staying up-to-date with changing regulations in different industries?