Is A Power Of Attorney Important, When Developing An Estate Plan?
The answer to the question outlined above is “Yes, a power of attorney is important, when developing an estate plan.”
Going over the ways in which a power of attorney is important, and speaking with an estate planning lawyer, will allow you to develop an effective estate plan that includes a good power of attorney.
What Is A Power Of Attorney?
A power of attorney is an agreement between two people: you and an individual who you have authorized to act on your behalf as an attorney in fact.
Setting up a power of attorney, and giving an individual the ability to act on your behalf, allows them to make medical and financial decisions for you if you are unable to. Although, it must be noted that this is dependent on the type of power of attorney that has been developed.
Just as an example, if you develop a medical power of attorney, then the individual you have authorized to act on your behalf will be allowed to make medical decisions for you, if you are incapacitated.
Why Is A Power Of Attorney Important?
A power of attorney is important for a wide variety of different reasons. Some of the most notable, of these reasons, are as follows:
- If you are ever incapacitated, then a trusted individual can make medical decisions on your behalf.
- If you are ever incapacitated, then a trusted individual can make financial decisions on your behalf.
- You can rest assured that your medical wishes will be satisfied, if you are incapacitated.
- You can rest assured that your financial wishes will be satisfied, if you are incapacitated.
- Someone you trust will be allowed to make sure that your wishes are satisfied in the event of an emergency.
Other reasons exist, but the above are some of the most notable.
Why Is A Power Of Attorney Important When Developing An Estate Plan?
Every estate plan consists of numerous documents, almost all of which serve the same basic goal: ensuring that the assets making up your estate are distributed in a manner of your choosing.
Outside of this particular goal, though, there is another, more fundamental, goal that estate planning serves to satisfy: to ensure that your post-life wishes are satisfied, in the event of your death.
Even though a power of attorney may not seem important, when it comes to the satisfaction of these wishes, it is.
A power of attorney ensures that your medical wishes are satisfied, even if you cannot consent to them. A power of attorney ensures that your financial wishes are satisfied, even if you cannot bring them to fruition.
Just as an example, if you are in a coma, and wish for life-support to be terminated after several specific conditions are met, then a power of attorney ensures that this wish will be granted.
If you have a power of attorney within your estate plan, then your wishes will be satisfied, even if you cannot bring them to fruition at that time.
Speak With A Florida Estate Planning Lawyer Today
A good power of attorney is always worth developing. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will assist you in developing a power of attorney that satisfies your wishes.