When creating an estate plan, you’ll probably think long and hard about what will happen to your assets upon your death. You may not spend nearly as much time learning more about the ways you can protect yourself while you’re alive.
This is where a power of attorney document comes into play. With this, you’re giving another person the power to make financial and/or legal decisions on your behalf. This is a big decision, so you don’t want to rush through the process of creating this document.
Here are some of the many benefits of a power of attorney:
- Your attorney in fact can make decisions about money, real estate and other things important to you
- Your attorney in fact has the power to setup a trust, if it’s something you’ve requested
- A power of attorney can give your attorney in trust the ability to handle your daily finances, such as paying bills and cashing checks
- Your attorney in fact can manage your real estate, such as by making decisions that protect it from financial ruin in the event of a stay in a nursing facility
These are some of the most common benefits of a power of attorney, but there are others that could excite you just as much.
It’s never easy to create a power of attorney, as you have to think about something going wrong with your health, but it’s better than the alternative. At our law firm, we do whatever it takes to help our clients understand the benefits of a power of attorney, ensuring that they make the right decision.