A Power Of Attorney Can Be Used To Protect You
A power of attorney is one of the most important documents within your estate plan. But, it’s easy to overlook this because many people aren’t aware of what a power of attorney is or, in turn, how it can be used to protect you.
By going over how a power of attorney can be used to protect you, and speaking with one of our Florida estate planning lawyers at the Millhorn Elder Law Planning Group you can develop a power of attorney that satisfies your needs.
What Is A Power Of Attorney?
A power of attorney is a legal arrangement that lets someone else make decisions on your behalf when you are unable to make decisions on your own.
Just as an example, let’s say you are in a coma. And, because you are in a coma, you can’t pay your mortgage, or any of the other bills that need to be taken care of.
If you are unable to pay what you owe, you might have to deal with heavy interest. Or, depending on what happens, you might lose access to the assets you acquired.
To ensure that the above does not happen, you can use a power of attorney. Your power of attorney could let your daughter – or anyone else – make financial decisions for you. That way, your bills are taken care of.
How Can A Power Of Attorney Protect You?
A power of attorney can protect you by:
- Ensuring that your medical wishes are honored, even if you cannot articulate your wishes.
- Giving someone else the ability to take care of your financial obligations, when you are unable to do so.
- Making sure that your loved ones receive the money needed, even if you cannot give it to them.
- Ensuring that the person who can make decisions for you is someone who will honor your wishes.
- Allowing nearly any obligation you may have to be satisfied, even if you can’t do it on your own.
Every single one of the above can protect you, in the event that you cannot make decisions for yourself.
What Should You Do?
You should work with a lawyer to develop a power of attorney. And, when you do so, you should go over what it is that you need, from this power of attorney.
Here is one example: if you would like to ensure that your financial obligations are taken care of, and that your family members continue to receive a monthly sum, then you should tell your lawyer about this.
Your lawyer will look at your goals and develop a power of attorney that satisfies them. They will also help you develop a will, trust, and any other estate planning documents you need.
Speak With A Florida Estate Planning Lawyer Today
If you would like to develop a power of attorney, you should work with someone who can help. Speak with a Florida estate planning lawyer today and we will help you develop the power of attorney you need.
Sources:
law.cornell.edu/wex/power_of_attorney
floridabar.org/public/consumer/pamphlet13/