A durable power of attorney (POA) is a powerful tool for planning your future. It lets you choose someone you trust to take care of your affairs if you cannot because of an injury or illness. Why is having a durable power of attorney important?
A POA protects your finances.
With a durable power of attorney, you can pick a trusted person to manage your money. This person, called an agent or attorney-in-fact, can pay your bills, handle your investments and make important financial decisions for you. The best part is that you choose this person while you are still able to make decisions, ensuring someone you trust is in charge if you ever can’t handle your finances.
You can avoid a court-appointed guardianship.
If you do not have a durable power of attorney and you become unable to manage your affairs, your family might have to have a guardian or conservator appointed. This process can be stressful and might not end with your preferred person in charge. A durable POA lets you avoid these problems by having someone you trust already chosen to take over.
Someone you trust will make healthcare decisions for you.
A durable POA for health care decisions allows the person you choose to make medical decisions for you if you are unable to do so. This is especially important in emergencies or if you have serious health issues. It ensures that someone who knows your wishes and values is making important health decisions for you.
A POA can protect your business.
If you own a business, a durable power of attorney ensures that your business can keep running smoothly if you are suddenly unable to manage the company. The person you choose can make decisions, sign documents and take other necessary actions to keep your business going.
Having the right documents reduces the burden on your family.
By choosing an agent, you take the pressure off your family from having to guess what you would want or make difficult decisions during a crisis. A durable POA makes your wishes clear and legally binding, which can be a huge relief during tough times.
A POA can give you peace of mind.
One of the biggest benefits of a durable power of attorney is the peace of mind it offers. These documents take effect if you become incapacitated. Knowing that someone you trust will handle both your financial and medical affairs allows you to focus on your well-being without worrying about your affairs. This assurance can be comforting, knowing that everything important is taken care of, no matter what happens.
A durable power of attorney is an important tool for anyone who wants to create a comprehensive plan for the future. It provides security and peace of mind, making it a key element of many estate plans.