Part of handling certain legal matters successfully involves having the right people representing you. Here is why you need a power of attorney.
It’s hard to predict what may happen in this life, but it’s safe to say we might not always be able to handle our own affairs. When this type of situation occurs, it can lead to problems with our families, assets, and the overall quality of the lives we’ve built.
It’s for this reason many people look into the concept of the power of attorney. Experts agree that this kind of legal protection is something all Americans should strongly consider having.
If you want to ensure your interests will be taken care of even when you incapacitated, it can be incredibly helpful to have the power of attorney on your side.
What can this legal ideal offer you and why might you consider awarding it someone as part of your general life planning? Read on and we’ll walk you through what you need to know.
What a Power of Attorney Does
What is a power of attorney? That’s as good of a place to start as any.
A power of attorney is a document that allows you to appoint either a person or an organization to manage various decisions on your behalf when you are unable. You may be unable to for a variety of reasons such as an unforeseen illness or even an absence.
Power of attorney is often given to an experienced individual that you trust and believe in will take the proper steps to ensure the best possible outcome for you. Power of attorney is a lot of power, but it’s a valuable tool to ensure that protection even when the worst in life may come about.
A person with power of attorney may have the ability to make key decisions about a person’s finances, life insurance, business interests, properties, and assets. They also may have the right to make important medical decisions.
The document itself will lay out the amount of power the individual in question will have in making decisions for you and on your behalf. People give the power of attorney to many people, though often spouses, relatives, and close friends are deemed worthy of the honor.
Due to the power this relationship controls, the individual who is granted this power is often an individual that the giver trusts completely.
Benefits of Power of Attorney
There are many reasons why someone might grant the power of attorney to another individual. This is a common practice when it comes to estate planning, though people with many different goals might look into the practice to ensure the stability of their futures.
What are some of the main benefits?
Avoiding Family Disputes
If you fall ill, does your family know precisely how you wish your personal affairs handled? If the answer isn’t 100% crystal clear yes, a lot of confusion and chaos can result.
Creating a durable power of attorney helps to avoid all of this confusion, as it puts someone in charge of your affairs who is aware of how you would like things to be handled. This will take all ambiguity out of the question and make it clear how your financial and medical matters should be taken care of.
Ambiguity can breed a lot of conflict and resentment during a difficult time in your family’s life. Appointing someone to step in and make important decisions with a sense of authority can be more valuable than many people realize.
It can help to avoid inter-family disputes from ever boiling up. In fact, it will likely prompt opportunities to speak with your family about your wishes and allow them a moment to express ideas or concerns.
Protects Your Assets
You’ve worked for a great many years to build the life that you now have. You don’t want to see it mismanaged or destroyed by proper care once you’re no longer around to call the shots.
Having a power of attorney in place is a fantastic way to ensure that your estate and assets are protected no matter what happens to you.
A power of attorney can shelter your assets, manage them according to your wishes, and ensure that no ill fate comes to your estate in any way. Failure to have an authoritative individual looking over these matters could result in serious complications and issues.
Your assets might even be sold away against your wishes and there will be nothing you can do about it.
Avoids Expenses and Complications
If you have a large estate and don’t grant someone the power of attorney, you are setting yourself up for many complications later in life.
Without the power of attorney in place, a legal conservatorship might become established. You may not be able to have much input in how your affairs are managed. The courts instead will have the final say in how your affairs are taken care of and who gets to be in charge of them.
There’s a good chance that won’t sit right with you.
In addition, the creation of a conservatorship or guardianship can be quite expensive and time-consuming. The court needs to continue to oversee matters which won’t come at a cheap price.
You can save a lot of money and trouble by establishing power of attorney early on and getting your affairs in order.
You Need Power of Attorney
If you’re worried about the state of your affairs later on in life, it’s important to act now. The above information helps to demonstrate why it can be so important to explore power of attorney while you still have control over your assets and estate.
Have more questions about handling your legal matters? We are here to help you protect your family. Contact us anytime for immediate assistance.