It is important to be proactive in life. This is especially true when setting up a will that ensures that your wishes will be respected and implemented when you are no longer around to make critical decisions.
Designating someone to make financial and healthcare decisions on your behalf should you be incapacitated is just as important as creating a will. This is where a Power of Attorney (POA) gets into the picture. Here are three reasons why you should include a power of attorney in your estate plan.
Provide peace of mind for everyone
Including power of attorney in your estate plan lessens the burden on your loved ones who would otherwise need to obtain a court order before making certain decisions like paying your debts or even a tough one like deciding how long you will remain on life support should you end up incapacitated. Taking care of these ahead of time ensures great comfort for your loved ones.
Gives you the power to make decisions
The primary goal of designating a power of attorney is to ensure that you have someone you are confident in making decisions on your behalf if you are unable to do so on your own for health reasons.
It takes the guesswork out of your intentions
You have probably heard about court battles over an individual’s intentions once they become incapacitated. However, a properly-written power of attorney can eliminate the need for your loved ones to fight over what you might have wished for. Once put in place, your healthcare or financial power of attorney will clearly articulate your intentions, thus, leaving no room for guesswork or speculations.
Find out how you can draft a power of attorney document that reflects your wishes.