Power of Attorney - What you Need to Know
ENDURING POWER OF ATTORNEY: WHAT YOU NEED TO KNOW
Appointing an attorney is a critical part of your estate planning. Here is what you need to know to make sure your wishes are carried out accurately and completely. There are two types of powers of attorneys: general and enduring. The general power of attorney is common in the business context and takes over when you choose to hand over control. The enduring power of attorney allows the attorney to take over decisions when you are unable to do so yourself.
The choice of the person who will make decisions on your behalf if you are incapable of doing it for yourself is a critical one.
Here are 3 things to consider
WHAT TASKS SHOULD I ASSIGN TO THE ENDURING POWER OF ATTORNEY?
When you choose your power of attorney, 2 of the most common types of tasks assigned to them are health-related and finance-related tasks. You may need them to make health decisions while you are incapacitated, in a coma or have had a serious accident and cannot speak for yourself.
You are trusting them to make the same decisions that you would, so it is best to choose someone who understands how you would think about these matters. Some of the most common finance-related tasks include paying one’s bills while you are in the hospital or otherwise unable to care for yourself –such as in a nursing home.
PICK YOUR ATTORNEY WITH CARE
Some people are scared to give anyone power of attorney. They worry this person will boss them around and run their life. This is actually quite rare. But it is critical that you choose someone that you trust and that you have very good communication with. They should understand exactly how you want things taken care of. Notice that they do not have to agree with all of your decisions in the same way –but you do want someone who you are confident will take care of everything just as you would do so.
NAME A BACKUP
This is something that many people neglect to do when choosing a power of attorney. Not only do you want to choose someone but you also want to select a backup, in case anything happens. The person could be unexpectedly out of the country, seriously ill themselves or your relationship could have a falling out and you could change your mind about wanting them as your power of attorney.
Selecting the individual who will have your enduring power of attorney is a big decision. Because of how important it is to get this right, we now have our own specialist in Estate Planning and Business Succession. Call the office today to arrange a meeting -before it’s too late.
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