Protecting Yourself and Your Family
Having a power of attorney (POA) in your estate plan is important to ensure that your wishes are respected and carried out if you become incapacitated or pass away. A POA is a legal document allowing you to appoint someone else as your representative who can act on your behalf in financial, medical, and other matters. In this blog, we will discuss what powers of attorney are, what types of powers are available, and why it's essential to include them in an estate plan.
Types of Powers of Attorney
There are two types of powers of attorney, general and special. A general power of attorney is a document that gives a person the legal authority to act on your behalf in any way you could do yourself. This type of POA can be used for general tasks such as managing bank accounts, signing documents, dealing with taxes, or taking care of day-to-day financial matters.
A special power of attorney is more specific and will only grant certain rights, such as the power to make medical decisions if you cannot do so yourself or manage real estate investments for yourself. In some cases, you may also grant someone else the power to decide what happens with your remains after death.
Why Include Powers of Attorney
Powers of attorney are a vital part of any comprehensive estate plan because they give someone else the legal authority to act on your behalf when needed. They provide peace of mind that someone can take care of things should something happen and give people control over what happens with their assets after they pass away. With proper planning and consultation with an experienced lawyer, having these documents in place can help ensure that all your wishes are respected, even if something unexpected should occur.
Consult With an Experienced Estate Planning Attorney
When you're ready to create your estate plan, it's important that you do so alongside an experienced attorney who understands estate planning guidelines. At Ford & Friedman, our team is committed to helping families create estate plans that meet their needs.
Learn more about how we can help you create your estate plan or schedule a consultation by calling (702) 904-9898 or visiting us online.