Benefits of Power of Attorney
Choosing a Power of Attorney (POA) is one of the important considerations you will have to make when you begin the estate planning process. There are two POAs, and these legal documents allow you to appoint someone to make decisions related to your finances and health in the event you are unable to do so.
There are many factors that make POAs beneficial. Having this legal documentation ahead of time not only ensures asset protection, but dictates your intent for those assets and how decisions about them should be made.
This also spares your family members from the costs and time required to pursue legal conservatorship or guardianship in case you become incapacitated unexpectedly. Clearly crafting the correct legal documentation makes taking care of family, finances, and yourself possible, even in the event of severe disability.
Protecting your legacy
One of the largest benefits of estate planning comes from clearly outlining your expectations. Not only can a lack of clarity around your desires and intentions lead to disagreements between family members, but there can also be allegations of financial abuse if your family is unsure whether your assets are being managed properly.
Even if you do not become physically incapacitated, there are situations such as traveling where you might be cut off from your assets and unable to take direct responsibility for decisions regarding them. In these cases, having a power of attorney allows you to feel comfortable knowing that your estate is being taken care of per your wishes.
Life can be unpredictable, and you never know when you might be unable to manage your own affairs. Therefore, it’s important to prepare a Power of Attorney long before you anticipate needing one. Estate planning isn’t something to put off until the last minute.
Taking the first step
Not sure how to go about creating a Power of Attorney? The first step is connecting with a reputable estate planning firm. Working with a knowledgeable lawyer can help you understand the different options available to achieve your estate planning goals.
At California Living Trusts we specialize in these legal services. To learn more about regular and durable POAs, read our webpage San Diego Power of Attorney.