One thing is certain in life, we are all getting older. As we age, it is more likely that we are going to need an increasing amount of assistance. There are also infinite unknowns in life. We do not know when an accident will occur or when we could fall ill with a debilitating medical condition or health concern. For the known and the unknowns of life, we should all have legal protections in place. This is where a power of attorney comes into play.
Reasons to Put a Power of Attorney in Place
There are a number of estate planning documents you can put in place that will protect your wishes and goals for the future. A power of attorney is one such document and it is particularly useful as its uses and what it can accomplish vary quite significantly. The basics of a power of attorney, however, is that you, the principle, appoint a trusted individual, your agent, to a position of authority so that they can take certain acts on your behalf. Making a power of attorney durable means that the power granted to the agent will survive even if you as the principle become incapacitated.
Why you should put a power of attorney in place can have several different answers depending on the type of power of attorney you choose to put in place. For instance, a health care power of attorney allows you to select someone you trust and someone’s whose discretion you trust and opinion you value to make health care decisions on your behalf should you be unable to effectively communicate these health care treatment preferences for yourself. This means that you are able to select someone you trust in this role and avoid a court making this decision for you. It allows you to have conversations with this person ahead of time to help ensure they understand your own wishes and healthcare preferences.
You may also want to put a financial power of attorney in place and make it durable. This means that you will have a person to manage your finances and handle financial transactions on your behalf. Making it durable means that your affairs can be managed even in the event you are incapacitated. This can also help avoid the need for a guardianship to be established which can be a lengthy and costly court process in which the court selects your guardian. With a power of attorney, you get to choose. Select someone you trust. Select someone who is organized and may be familiar with your finances and your financial goals.
Minnesota Estate Planning Attorney
Get the peace of mind that can only come with putting a strong estate plan in place. Reach out to the team at Unique Estate Law. Contact us today. From within Hennepin County Unique Estate Law represents clients throughout Minnesota, including Minneapolis, Bloomington, St. Louis Park, Minnetonka, Wayzata, Chanhassen, and Excelsior.