Powers Of Attorney is an aspect of estate planning. This legal agreement grants power to a person of your choice to make decisions on your behalf. Understanding powers of attorney is crucial for planning your future. Here is what you need to know about powers of attorney to begin your estate planning.
Implementing powers of attorney is most commonly used when a person is sick, disabled, or otherwise unable to make significant decisions independently. These decisions may be financial, medical, or regarding your assets. The person you designate has the power to make these important decisions without consulting you. You must choose someone you trust with powers of attorney so you can have peace of mind regarding significant life decisions.
There isn’t just one type of power of attorney. You have the option to set up powers of attorney that are limited to specific areas, such as managing properties or healthcare decisions. Choosing the right fit for your unique situation depends on your goals and what areas you are focused on protecting. Always speak to an estate planning attorney to determine the most appropriate route for you.
As we stated earlier, you must appoint someone you deeply trust with your powers of attorney. If they make a significant decision regarding your finances or assets that harms your estate in any way, it is challenging to undo the damage. The powers of attorney are substantial, and you have essentially given them the go-ahead to do as they please.
You Are Not Powerless
With that said, you still maintain the ability to act on your behalf as long as you can do so. Powers of attorney are a safety net, not a means of restraining your rights. You have the right to revoke or change the terms of the power of attorney as you see fit, provided that you are physically and mentally able to do so.
Protecting Your Future
Everyone can benefit from the protection of estate planning, but many people are unsure where to begin. At DaMore Law, we guide you through the entire process with exceptional service to create a personalized plan for you and your family. Contact us today to speak with one of our attorneys.