If you suffer from a disability or have a condition that is expected to progress over time, then you may have thought about the possibility of you becoming incapacitated, and therefore unable to make legal decisions, at some point in your lifetime. In order to prepare for this possibility, it is likely that you have considered selecting a power of attorney that can act on your behalf legally when this time comes.
One of the biggest decisions you can make in regard to your future is to select a financial power of attorney. This can be a very overwhelming process for many and is something that requires a great deal of consideration and care.
When people are writing their wills or living trusts, they are wise to think about any possible scenario that might arise after their death or during their lifetime when they might become incapacitated or of ill health. They naturally will want to prepare as much as possible for all scenarios, so that they can be in control of their future and the future of their assets.
The future is unpredictable. We don't know when something can happen that might incapacitate us from being able to make important governing decisions about our estate. But what is in our control now is the ability to put certain things in place so that if we were to die or become incapacitated, our estate and other practical matters would be put into the hands of a trusted person that will become an agent.
An advance directive can tell your children what you want them to do in terms of medical care. You can also set up a medical power of attorney, giving a child the power to make those decisions for you.
Using a financial power of attorney, you essentially make someone else your financial agent. This gives them legal power to handle your money. They're obligated to work toward your best interests, but they do things that you can't realistically do for yourself at your age.
Your parents are growing older. While it can be uncomfortable to talk about end-of-life situations, you know that it's important to do in time. What are some important questions to ask?
Once you've made the decision to draft the basic estate planning documents, you may have some questions. For instance, what qualities should the person whom you designate as power of attorney have? Different people have different strengths and weaknesses, so keep in mind that you may want to designate two separate individuals as your legal and medical powers of attorney.
Estate planning attorneys often urge their 30-something clients to commit to at least the basics of a viable estate plan.
When you are hale and hearty in the prime of your life, it can be difficult to imagine that one day your body and mind may become too debilitated to carry out your personal and business decisions.