Understanding The Power Of Attorney Role

When it comes to planning for the future, creating a will and estate plan is crucial. However, many people overlook the importance of assigning a power of attorney and don’t even know what this role is. Essentially, a power of attorney is a type of legal documentation that gives someone you trust the legal ability to make decisions for you when you cannot. As you read on, you’ll learn what exactly a power of attorney is, why it is important, and when you should consider assigning one for your will and estate. The sooner you take action, the more control you retain of your estate and assets even as your health or capacities decline.

What Is A Power Of Attorney?

A power of attorney is legal documentation granting someone of your choosing the authority to act on your behalf in financial or legal matters. It’s also referred to as a POA. There are different types of power of attorney, including general, limited, durable, and springing. A general power of attorney grants broadened abilities to the designated party for you, allowing you to make choices for you in various situations. A limited power of attorney specifies certain powers that can be delegated to the designated person for a specific period or purpose, while a durable power of attorney stays active even if you can’t take care of yourself or make decisions for yourself. Finally, a springing power of attorney only applies under certain circumstances specified in the document, including doctor’s orders.

Why Is A Power Of Attorney Important?

Assigning a power of attorney is important because it ensures that someone you trust can make decisions for you if you are unable to do so yourself, therefore protecting yourself in many ways. Without a power of attorney in place, your loved ones may have to go through the time-consuming process of petitioning the court for guardianship or conservatorship over you, which can be costly and emotionally draining. By assigning a power of attorney, you can have confidence knowing that someone you trust will be able to manage your affairs if needed.

When Should You Assign One For Your Will and Estate?

It is never too early to assign a power of attorney as part of your will and estate plan. In fact, having a power of attorney in place before any unforeseen circumstances arise can help protect your interests and ensure that your wishes are carried out according to your instructions. If you wait until it’s too late or until you are no longer able to make decisions for yourself, it may be too late to assign a power of attorney.

You should consider assigning a power of attorney when:

• You want someone specific to make financial or legal decisions on your behalf.
• You want to ensure that someone you trust will be able to manage your affairs if needed.
• You want to avoid potential conflicts between family members regarding decision-making authority.
• You want to have peace of mind knowing that your wishes will be carried out according to your instructions.

Your estate attorney can assist you in both deciding when to assign a power of attorney and who to choose.

Assigning a power of attorney as part of your will and estate plan is an important step toward ensuring that your wishes are carried out according to your instructions. By understanding what a power of attorney is, why it is important, and when you should consider assigning one, you can take proactive steps toward protecting yourself and your loved ones in case unforeseen circumstances arise. Don’t wait until it’s too late — start planning for the future today by assigning a trusted individual as your power of attorney. Contact our legal specialists at Crews Law Offices so they can assist you in your estate planning and power of attorney needs.