A Power of Attorney is a document which is prepared now, and gives another person certain powers to act on their behalf for a varied number of purposes. Most commonly, our office provides two different types of Power of Attorneys, one for healthcare purposes and another for financial purposes.
These Power of Attorneys allows our clients to elect someone to make healthcare or financial decisions for them in the event that the client is unable to do so. A Power of Attorney is only valid during one’s lifetime. After the person passes away, the Power of Attorney terminates.
While many people may believe that they do not need to worry about a Power of Attorney until a later point in time, that can many times leave to an unfortunate set of circumstances in their future. There can be a number of types of emergency situations that arise and the Power of Attorney could be needed. Having a Power of Attorney, along with your estate plan, will ensure that there is a plan in place if and when it is needed.
If the need for a Power of Attorney arises, and you have not executed one, your relatives or loved ones will have to go to court to open a guardianship to handle your affairs for the period of time that you are incapacitated. This process can be both extensive and costly. Setting up your Power of Attorney is relatively inexpensive, compared to the alternative if you have not executed one.