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?
What is a Power of Attorney?
In simple terms, a power of attorney is a document that grants someone else the authority to make financial decisions on your behalf. Depending on your exact needs, it can be limited to a certain time period, or it can be “durable,” meaning that it is still valid even if you become unable to make decisions for yourself. This is often used in estate planning to ensure that there is someone who can handle important matters for you if you become unable to handle your own financial affairs.
Why Might You Need a Power of Attorney?
A power of attorney can be useful in a number of situations, any of which might happen without warning. For example, if you become incapacitated due to a severe illness or injury, it can ensure there is someone to handle your financial matters, such as paying your bills or handle your banking while you are recovering. It can also be helpful if you suffer from dementia or another degenerative illness, so you do not need to worry about things like ensuring that your bills are paid or managing your finances.
How Does a Power of Attorney Benefit You?
The most obvious benefit of a power of attorney is that you can be certain that someone you trust will be taking care of you and managing your financial affairs on your behalf. Having a power of attorney in place means your loved ones will not need to seek a legal guardianship in court, a process which can be difficult, time-consuming and costly. Therefore, by having a power of attorney in place, you and your loved ones can focus on what really matters, without struggling over potential legal hurdles.
What Should You Do?
To ensure your estate plan covers all of your needs, you should speak to a lawyer with experience handling estate law matters. In addition to helping you draft a power of attorney, the lawyer can help you explore all of your options to ensure you have an estate plan that best suits your interests. The sooner you call, the sooner they can get to work for you.
If you or a loved one are dealing with legal issues related to estate planning, or you are dealing with any other issue related to elder law, you will need specialized legal advice. The attorneys at Hobson-Williams, P.C. are skilled in all aspects of elder law, and are dedicated to representing clients with diligence and compassion. To speak to an attorney or to schedule a consultation, call 866-825-1LAW.
