While almost anyone can create and use a power of attorney, not everyone needs to grant an agent to handle their affairs. However, you can always create a power of attorney that will take effect in the event it is needed. If you are a person in any of the following categories, you should talk to your estate planning attorney to create a power of attorney.
- Seniors. Aging often requires us to give others the ability to help us manage your affairs. Your estate plan should includedifferent kinds of powers of attorney, e.g., health care and financial powers, so your family isn’t left scrambling if the time when they are needed ever arises.
- Parents. Whether you are a single or married parent, you will want a power of attorney in case something happens to you. If you’re married, you and your spouse should coordinate your powers of attorney so there are no potential conflicts.
- Business Owners. If something happens to you, who will run your business? A power of attorney can ensure emergency situations are properly planned for and allow for an easy transition in an emergency.
- People with Chronic Diseases. If you have a medical condition that could eventually take your ability to make decisions, you need a power of attorney immediately. As long as you’re still capable of making your own choices, you can create a power of attorney to ensure your desires are met if you ever lose this ability.
To determine which types of powers of attorney you will need and what powers they should contain, consult with an experienced and qualified estate planning attorney.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
Latest posts by Timothy P. Murphy (see all)
- Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts? - June 8, 2023
- Understanding the Role of Life Insurance in Estate Planning - June 6, 2023
- What It Means to Disclaim - June 4, 2023
Leave a Reply
You must be logged in to post a comment.