No one wants to think about what would happen if they became unable to make important decisions for themselves, but it is something everyone should confront. One of the best ways to plan for uncertainty is by creating a power of attorney. Read on and reach out to the knowledgeable Jamestown estate lawyers here at Raimondo & Sundquist LLP to learn more about these documents and how they can help you and your family have the peace of mind you deserve. Here are some of the questions you may have:
What does a power of attorney do?
A power of attorney is a legal document that gives another person the authority to make decisions for you if you cannot do so yourself. The person you name is called your agent, and they are expected to follow your wishes and act in your best interests. The scope of this power can be narrow or broad, depending on what you specify. Some of the most common situations people use powers of attorney for are as follows:
- Allowing a trusted agent to manage financial accounts
- Authorizing someone to sign legal documents during an absence
- Ensuring bills continue to be paid if they become ill or injured
- Giving someone authority to handle insurance, tax matters, or real estate
Without a power of attorney in place, your family may be forced to go to court to obtain permission to manage your affairs, which can be time-consuming during an already emotional situation.
Who should have a power of attorney in place?
Clients often assume that powers of attorney are only necessary for older adults, but that is not the case. Anyone can encounter a medical emergency or unexpected event, and having a plan in place can prevent significant problems later on. Some individuals who may benefit from having a power of attorney are as follows:
- Adults of any age who want someone to manage their finances during an illness
- People who travel often and may need someone to act for them while they are away
- Parents who want a backup decision maker in case of an accident or sudden incapacity
- Individuals with chronic health conditions who want to avoid uncertainty
- Business owners who need to ensure continuity if they cannot handle daily operations
How do you choose the right type of power of attorney?
The most common option is a financial power of attorney, which allows your agent to manage your assets. A separate document, often called a health care proxy, handles medical decisions, and people frequently put both in place to create a complete plan. Deciding the type you need will depend on your health, goals, and the responsibilities you want your agent to take on.
For further questions, or if you would like to speak with an experienced attorney, please don’t hesitate to contact Raimondo & Sundquist LLP for an initial consultation today.
