A power of attorney is an essential part of any estate plan, but a shocking number of people do not have one. Without this critical document, you may face a substantial number of legal issues that otherwise you might have been able to avoid. But what exactly is a power of attorney, and what are the benefits of having one?
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Why is it So Important to Have a Power of Attorney?
For many people, a power of attorney is an essential component of an estate plan. With this essential document in place, you will be prepared to face the possibility of needing someone to handle your affairs if you are unable to do so yourself. But what exactly is a power of attorney, and why is it so important to have one as part of your estate plan?
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What Happens if You Do Not Have Advance Directives in Place?
Advance directives are an important part of any estate plan, but not everyone has them in place for their future. As a result, they may not be ready for a potential circumstances that could arise requiring their loved ones scrambling to deal with the situations over which no one has control or authority.
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Five Reasons to Get a Power of Attorney
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:
What is the Difference Between a Guardianship and a Power of Attorney?
When someone becomes incapacitated or otherwise unable to make their own decisions for themselves, one of two things will happen. If the person has already signed a power of attorney, that will take effect, and whoever has been granted the power of attorney will make decisions on that person’s behalf from then on. However, if they do not have a power of attorney, a guardian will be appointed to fill a similar role. But what is the difference between someone being granted power of attorney, and someone being appointed a guardianship? Continue reading “What is the Difference Between a Guardianship and a Power of Attorney?”
The Benefit of Advance Directives
One of the inevitable realities of getting older is that, eventually, you may not be able to make decisions on your own behalf anymore. When that happens, the plans you have in place will determine how well you can ensure you are taken care of in your later years. It is for this reason that you should strongly consider preparing advance directives as soon as possible. Advance Directives will ensure your interests are protected when you can no longer take care of your own needs. Continue reading “The Benefit of Advance Directives”
When to Consider a Power of Attorney
If you have family members that are growing older or have a loved one with diminished ability to care for themselves, you may need to consider a power of attorney. But what is a power of attorney? And when is it appropriate to consider for yourself or your loved ones? Continue reading “When to Consider a Power of Attorney”
Importance of Advanced Directives
As the seasons begin to turn, it is important to stress the need to have your advanced directives in place. Advanced directives include:
- A health care proxy;
- Health Insurance Portability and Accountability Act (HIPAA) release form;
- A living will; and
- Power of attorney.
Health Care Proxies and Power of Attorney
A Health Care Proxy is a document that designates an agent to make health care decisions on an individual’s behalf in the event that he or she is unable to do so. Federal regulations, such as the Health Insurance Portability and Accountability Act (HIPAA), protect the confidentiality of an individual’s medical information as well as their ability to make health care decisions. The establishment of a Health Care Proxy and the HIPAA release form are the best means of carrying out health care decisions on behalf of loved ones.
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Why Establishing a Durable Power of Attorney is Important
A power of attorney is an important estate planning document and can be an essential tool in ensuring that an individual’s wishes are carried out should he or she become mentally or physically incapacitated. A power of attorney is a standardized legal document that allows an individual, known as the principal, to designate a representative, known as the agent, to make financial decisions on their behalf if they become incapacitated or unable to act on their own behalf. A power of attorney specifies how much power an agent will have and can be created with limited powers, broad powers and can become effective upon the occurring of an event. Many individuals assume that regardless of whether it is limited or broad that the document will contain the same language and provisions. However, more often than not, this presumption is incorrect and may lead to issues in the future.
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