A revocable power of attorney allows you to appoint a trusted individual to manage your financial and legal matters if necessary. It serves as a valuable part of your estate planning process. What makes revocable power of attorney unique is your ability to cancel that authority at any time.
This powerful document offers many benefits.
Flexibility
The revocable power of attorney allows you to elect a person of your choosing to handle matters when you are unable to do so due to illness, travel, or any other reason. You can specify the scope of authority you grant to your chosen agent, tailoring it to your specific needs and desires.
Continuity of management
A revocable power of attorney ensures the seamless management of your assets and legal matters without requiring court intervention. This can be especially important in situations where timely decisions are critical.
Privacy and control
The revocable power of attorney remains private until you activate it. You can keep it safely tucked away until the need arises, at which point it becomes a valuable tool for protecting your interests. This level of control is comforting for many people, as it means you are not giving up control of your affairs until necessary.
A 2021 Gallup poll shows that 46% of Americans have a will or estate plan in place. As you create yours, address any potential needs, including power of attorney considerations. The flexibility and control of a revocable power of attorney can be instrumental in protecting your interests. It can also save your loved ones time, money and potential complications in the future.