A financial power of attorney or power of attorney for healthcare can be an extremely beneficial addition to your estate plan. Both of these documents can make a big difference in your life, if you’re ever unable to make your own decisions.
Not having a power of attorney has risks. Take a look at some of the information below to learn more about the importance of a power of attorney. If you become incapacitated risks are realized:
- Without a financial power of attorney, your family will have to go to court in order to get the legal authority needed to access your bank accounts and other financial information. This can make it extremely difficult and time consuming to pay your bills and expenses.
- During the court process, your bills may go unpaid and your family may not be able to get the money that you need for your care.
- Without a power of attorney for healthcare, your family will have to go to court in order to get the legal authority needed to help make your important medical decisions regarding treatment and procedures. This can be an extremely lengthy and costly process.
- If you don’t have a power of attorney for healthcare, you may have no control over your healthcare decisions. This means that your wishes may not be followed.
If you have yet to create a power of attorney, now is the time to do so. Taking the time to create both a power of attorney for healthcare and financial power of attorney can allow you to be prepared for an emergency situation.
It’s also important to make sure that your loved ones know that these documents exist! Without knowledge of a legal document’s location, it may be ineffective.
If you have additional questions or if you’d like to create a power of attorney, consult with an estate planning attorney.