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?
What is a Power of Attorney?
A power of attorney is a document that grants someone else the authority to make financial decisions on your behalf. While there are many reasons that people execute a power of attorney, they are commonly used as part of an estate plan to deal with incapacity. A Power of Attorney can be tailored to specific circumstances, allowing you to make sure your power of attorney document suits your needs.
What Does a Power of Attorney Do?
A Power of Attorney grants someone else the legal authority to make financial decisions for you if you were unable to make those decisions yourself. Your agent could handle all your finances in the same way that you handle them. This includes paying bills, withdrawing funds from bank accounts, transferring or selling property, signing documents, or managing your assets. In addition, if the needs arise, they can also represent you in lawsuits or other legal matters.
Why is it Important to Have a Power of Attorney?
A power of attorney is essential because without one, no one can legally handle your finances if you become seriously ill, injured, or otherwise become unable to manage such things yourself. Without a Power of Attorney, your loved ones will need to seek guardianship in court, which in turn can be a complicated and costly process. Having a power of attorney as part of a broader estate plan could potentially avoid guardianship, making things easier for you and your loved ones should an emergency arise.
What Should You Do?
In order to ensure you are prepared for any situation that may arise, you should speak to a lawyer with experience handling estate law or elder law matters. They can advise you on what might work best for your specific circumstances, and ensure you are ready for whatever comes. The sooner you call, the sooner we can begin working on your estate plan.
If you or a loved one are dealing with legal issues related to guardianships, 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.
