Why You Need to Arrange a Power of Attorney
A power of attorney (POA) is a written authorization granting an individual the power to act on your behalf on legal, financial, or health matters if you become incapacitated. The appointee, often called an agent or attorney-in-fact, makes decisions in your best interest if you cannot make them yourself. Arranging a power of attorney in advance has numerous benefits. These include:
Protect Your Assets
A well-written power of attorney outlines all your assets and gives directives on when your attorney-in-fact can access them. The authorized agent manages your property and financial assets as outlined in the document. The POA also clarifies your intent and wishes in advance, helping protect your assets from mismanagement.
Prepare for Medical Emergencies
Dealing with health emergencies can be hectic, especially if you have a chronic condition. A healthcare power of attorney document can help manage medical emergencies. It outlines critical information, such as your healthcare provider and health records, allowing the authorized agent to make medical decisions on your behalf.
Prevent Family Conflicts
Family conflicts can arise if you don’t have a power of attorney in place. After all, this document outlines which family members have the power to represent you. A POA can help prevent conflicts and court battles involving your loved ones.
Provide Financial Security
A POA can ensure financial security if you empower a trusted expert to manage your financial matters in case of inability or incapacity. The authorized agent will handle your accounts, sign checks, file taxes, and pay bills according to plan, preventing mismanagement.
Avoid a Conservatorship
Without a POA, the court may have to appoint a guardian to manage your assets and make decisions on your behalf. You and your family will not have any control over the court-appointed conservator. You can avoid this situation by setting up a power of attorney in advance.
Consult an Expert
A POA is essential in legal, financial, and health matters. It empowers your loved ones or trusted individuals to act on your behalf, preventing family conflicts and protracted legal battles. Our experienced attorneys at O’Brien Law Firm in Southaven, MS, can help you create and revise your power of attorney documents to meet your needs. Contact us today for legal assistance.
