Why Designate A Power Of Attorney? Estate Planning Attorneys Explain The Benefits

For some individuals, the subject of estate planning can be a touchy one. If you cringe at the mention of wills, trusts, and powers of attorney, you are not alone! However, these are important issues that should be addressed at some point in everyone's life. Certainly, the idea of lacking the mental or physical capacity to make decisions regarding your financial and medical affairs is an unpleasant one, regardless of your age or state of health. Fortunately, there are countless experienced estate planning attorneys who specialize in all aspects of elder law. By seeking the guidance of such professionals, you can ease the stress and confusion that comes along with making these preparations.

What Is A Power Of Attorney? How Can Estate Planning Attorneys Assist?

A power of attorney is a written authorization empowering a trusted person to make decisions regarding finances and health care on your behalf, should you lose the capacity to make such decisions on your own. While you may be reluctant to designate such, there are many crucial reasons to do so. A lawyer specializing in elder law can help you build a solid plan for the future of your financial and physical well-being, so you can relieve the anxiety of the unknown and protect yourself from family members who may be inclined to take advantage of your frailty. Most importantly, this is the best way to maintain control of your life, as the person you designate will be required to respect your wishes in every way possible.

Protect Your Assets And Financial Matters

A financial power of attorney authorizes someone else to handle your financial matters. This can include simple tasks, such as opening your mail and paying bills; or more complicated responsibilities like filing tax returns. Either way, consulting an estate planning attorney with experience in elder law is the first step to safeguarding your financial assets. The person you choose to handle your finances need not be a financial expert, but merely a competent individual that you trust to handle your sensitive matters with common sense.

Ensure That Your Health Care Wishes Are Honored

For many individuals, the most important aspect of estate planning is designating a medical power of attorney. It can be scary to think about losing the ability to speak for oneself when it comes to health-related issues, including critical life support situations. Appointing a trusted person to make medical decisions on your behalf is the only sure way to see that your health care wishes are granted. If you would like to leave specific instructions regarding medical procedures and end-of-life issues, it is advised that you draft a living will. In some states, these two documents can be combined into one form, known as an advance health care directive.

Although living wills may seem relatively cut and dry, there are instances in which they are disputed. If you feel you have legitimate grounds to dispute a living will or advance health care directive, a qualified litigation attorney can advise you on the next steps you should take.