As you start crafting your estate plan, you may be wondering which elements are necessary. One thing you should consider is a power of attorney. Many people are unfamiliar with a power of attorney and do not fully understand its benefits.
Here are a few of the reasons why you should consider a power of attorney as part of your estate plan documents.
Understanding power of attorney basics
A power of attorney is a document that grants someone else authority to make decisions and perform actions on your behalf. This is beneficial any time you might not be able to do so for yourself. A durable power of attorney remains in effect even when you become incapacitated, which can be ideal if you worry about medical issues.
Retaining any control you wish
You have control over what you provide with power of attorney. You can limit the other party’s powers based on what the document permits. Consider the authority you are willing to extend and craft the document carefully.
Making changes is permissible as well
A power of attorney is not permanent. You can make changes any time you need to, expanding or restricting permissions as necessary.
If you understand how a power of attorney document can help you ensure that your legal tasks get done even when you are not able to address them, you can see how these documents are important. Consider who you trust to carry out your wishes on your behalf and permit power of attorney judiciously to protect your interests.