One scary thing to think about is becoming incapacitated to the point that you can’t make decisions for yourself. This means that someone else will have to take care of your finances and your medical care decisions. You can provide protection for yourself by taking the time to set up power of attorney designations now.
You can set up two powers of attorney designations. One of these is for your finances, while the other is for your healthcare.
What does a power of attorney do?
A power of attorney for healthcare gives someone the ability to make medical decisions for you. You should also have an advance directive document set up so the medical care team can follow that. Anything that’s not discussed in that document can be decided by the power of attorney.
The person who holds your power of attorney for finances takes care of anything related to your money or assets. They can pay bills, make purchases, or sell assets. Essentially, they can do anything you’d normally do with your finances.
Who should you name as your power of attorney?
Powers of attorney designations can both be made to the same person, but you can also choose one person for each. You should be able to trust the person you choose to give your power of attorney, and they should make decisions that are in your best interests without regard to their own wishes.
Making sure you have a comprehensive estate plan is crucial for all adults. While this might not be something fun to take care of, it can provide you with peace of mind. Be sure you work with someone who understands your wishes and can help you get things set up accordingly.
