When you are planning your estate, you may be wondering whether establishing a power of attorney would be beneficial to you. Creating legal documents in order to name powers of attorney can take some time, and many people do not want to go through the effort if they do not think it is necessary.
No one can predict the future. Therefore, none of us know if we will suffer from poor health that leads to a mental or physical incapacity in our lifetime. Some people know that they have a high risk of becoming incapacitated; therefore, drawing up a power of attorney will be a high priority for them. However, everyone who is going through the estate planning process should consider choosing a power of attorney.
The purpose of a health care power of attorney
If you become incapacitated, you will not be in a position to make decisions about your own care. While many people choose to plan ahead by stating their wishes regarding health care in a living will, every scenario cannot be planned for. Therefore, it is possible to name a person as your health care power of attorney, who can make decisions of your behalf.
The purpose of a financial power of attorney
A financial power of attorney could be the same person as your health care power of attorney, or you may want to assign someone different. This person will be able to manage your estate if you are no longer able to manage it.
If you want to assign a power of attorney as part of your estate plan, you should take swift action to complete the procedure.