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What You Need to Know About Powers of Attorney

Thinking about life after you pass may seem morbid, but planning for the future is best thing you could do for you and your loved ones. Taking the time to think these things through is an act of love for all the people that you will leave behind. It is never too early to plan your estate, but unfortunately there are often times where people are unable to plan their estate themselves. That is where powers of attorney comes in. A power of attorney is a document that enables another individual to have the authority over your estate so that they can act in your place.

The document must explain your wishes and have explicit conditions and terms that you wish to be carried out. With a power of attorney, if you are ever incapable of making a financial or medical decision, the individual of your choosing will be able to make those decisions on your behalf. This document has serious legal authority and must be taken seriously, that is why it is in your best benefit to have it carefully drafted by an experienced Scottsdale estate planning attorney. By creating this essential document, you can ensure that you specific desires, goals and preferences are followed in accordance with your wishes.

With a power of attorney, you are able to personally designate the person of authority and you can you select language in order to get your wishes across. If you want to ensure that your family is financially provided for after you die, then special language must be used to authorize power of attorney to do financial protection planning. If the language is not cautiously crafted, then your family could be left in financial jeopardy if you are to ever become ill or pass suddenly. That is why power of attorney could be the most important document that you ever sign.

It is vital however, that the person you select as power of attorney has fully functioning intellectual capacity. This means that the person with authority must be fully competent and well aware of the decisions they are making. If you document specifies on asset protection, the transfer of funds, or the authorization of medical decisions, then you want to make sure that you are put in good hands. Issues of this nature need to be thoroughly discussed with your attorney and well thought out. Your power of attorney agent should be someone who understands your beliefs, morals and values and will apply them to whatever decision they make. If a power of attorney is put in the wrong hands, it could be used as a tool of exploitation, make sure that they will not abuse this power.

If you have any further questions about powers of attorney or you would like to begin this process today, be sure to contact Grant N. Mckeehan, PLC today!

Categories: Estate Planning

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