June 6, 2017
You may have just recently prepared a will or a trust to plan how you want your personal and financial matters handled after your death, but just as equally important is naming a Power of Attorney. A Power of Attorney (POA) is someone you appoint to make legal, financial, and health decisions on your behalf should you no longer be able to do so.
For financial matters, you may need someone to pay your bills, make investment decisions, and handle other financial matters if you should ever become ill or injured for a significant period of time. You will specify to your agent how you want your affairs carried out in a document known as a “Financial Power of Attorney”. There are several types of Financial Power of Attorney structures, each one differing in the time at which they take effect, and the time at which the power ends. It’s important that as an individual you sit down with a legal professional to express your wishes and plans in order to ensure that you select the type which best fits your needs.
For medical matters, there is a “Health Care Power of Attorney”, which names an individual who you trust to make health care decisions on your behalf if you’re unable to speak for yourself or express your desires.
When naming a Power of Attorney, it’s important to choose an individual who you trust to carry out your intentions. Certain characteristics to consider include an individual’s attention to detail, their understanding of finances, and their ability to collaborate with attorneys, doctors, accountants and other parties, if necessary.
You should make these decisions while you are healthy and thinking clearly so you can make sure your wishes are carried out when the need arises. Advance planning will also spare your family from having to make difficult decisions on your behalf — often on short notice and in a state of emotional distress. If you are interested is establish a Power of Attorney, the Lawyers at King Law Offices are more than willing to draft a Power of Attorney that fits all of your needs. Call 888-748-KING (5464) today for a free consultation.