Estate planning is not only for older individuals. It’s smart for people of any age to know the key components of an estate plan. One of these key components is a power of attorney.
Learn what a power of attorney is and why you should create one.
What Responsibilities Does a Power of Attorney Provide?
A power of attorney is a legal document that gives a designated individual the power to make medical and financial decisions on someone else’s behalf. This responsibility most often comes into play when the “principal”—the individual who drafted the power of attorney—becomes too incapacitated to make decisions for themselves. Their trusted “agent” will instead make those decisions for the principal.
The responsibilities that a power of attorney may carry out include:
Making healthcare decisions for the principal
Completing financial transactions on behalf of the principal
Signing legal documents that the principal cannot sign
Why Designate a Power of Attorney?
If there is one truth in life, it is that we do not know when we will become too incapacitated to make decisions for ourselves. Such an event can happen in a matter of seconds, such as in a car accident or the like.
Therefore, it’s in your best interest to create a well-executed estate plan that includes a power of attorney as soon as possible. This way, you can ensure that those you love are cared for according to your wishes.
Need Help Creating an Estate Plan? Contact Us Today
If you are interested in beginning the estate planning process or need help with an estate plan you have already made, our team at Pearson Butler is here for you. We can help you create or adjust your estate plan to make it as broad or as limited as you’d like, and personalize it to you in order to provide the greatest benefits.
Contact Pearson Butler at (800) 265-2314 to schedule a consultation.