When planning for your future, it is important to consider how decisions will be made if you are ever unable to make them for yourself. One way to help ensure your affairs are managed properly is by adding powers of attorney (POAs) to your estate plan.
A POA allows someone you trust to make decisions on your behalf in various situations. Adding POAs to your estate plan may help provide you with peace of mind that your wishes will be followed even if you become incapacitated.
The benefits of financial power of attorney
A financial power of attorney (POA) can give someone the authority to manage your financial matters if you become unable to handle them yourself. This may include paying bills, managing investments, filing taxes or handling real estate transactions. With a financial POA in place, you may avoid delays or confusion that could arise, better ensuring your finances continue to run smoothly.
Healthcare power of attorney: making medical decisions
A healthcare power of attorney can grant someone the ability to make medical decisions for you if you are unable to communicate or make decisions due to illness or injury. This can help ensure that your healthcare providers follow your wishes regarding medical treatment, including end-of-life decisions or life support options. Having a trusted person in charge of these decisions can help reduce the burden on family members and better ensure your preferences are respected.
Incorporating POAs into your estate plan can help you ensure that your financial and medical needs are managed in accordance with your wishes in the case that you are unable to make decisions for yourself. Seeking legal guidance as you create your POAs may help give you peace of mind that your POAs are legally valid and are less likely to be contested.
