4 Reasons You Should Consider Making a Power of Attorney
We posted this article a while back, and we've had numerous people asking about it since then. So in answer to your various questions, here it is again.
There are a few very important legal documents that everyone should prepare to ensure that their wishes are followed and that their loved ones are taken care of. One of these is a Legal Will. A Will ensures that your property goes to the people you choose after you die. The other document is a Power of Attorney. This makes sure that your wishes are followed in the here and now, while you’re still alive but are unable to do things for yourself due to injury, illness or incapacity. Here are four very good reasons why you should have a Power of Attorney.
Reason 1. Serious injury can happen to anyone at any time.
If you are incapacitated and are unable to direct your affairs who will run your business? Who will deposit funds, pay debts and look after your affairs? Who will make crucial medical decisions for you?
A power of attorney can ensure that someone of your choosing, who knows your wishes, can make all of your important decisions with your best interests in mind. The bills get paid, your kids’ college tuition is looked after, and all legal loose ends are tied up. When you are on your feet again, you can look forward to being back in charge without the worry of coming back to a big mess.
Reason 2. You’ve come down with an illness or affliction that impairs your judgment and ability to make sound decision on your own.
Some people are lucky and live their entire lives out in complete comfort without ever worrying about the loss of control of their faculties. But for many people, a loss of capacity is a real worry. Someday, be it through disease or natural progression, we may come to a point where we won’t be able to make our own decisions.
When this day arrives, it usually falls upon loved ones to sort out the issues and make sure things are taken care of. But for those who have made a Power of Attorney, a family member or close friend that you trust with knowledge of your plans and wishes will be able to carry out those wishes on your behalf.
Reason 3. You need someone to take care of business while you’re away.
Your bags are packed, the plane tickets are purchased and you have an ample amount of sunscreen packed in your carry-on. You’re all set. Except for one thing; that’s piece of property you’ve been trying to sell has just about sold, but the sale will be finalized while you’re in the Caribbean. Will you postpone your cruise just to make sure the transaction goes through? You won’t have to, because you’ve granted a Power of Attorney to an agent who will take care of the sale while you’re away.
By giving an agent a specific Power of Attorney to act for you in your absence, there will be no need to worry that your affairs won’t be taken care of. You can stipulate when the Power of Attorney ends, and you can limit the agent’s power only to certain matters and for specific purposes. If you travel a lot, whether for business or pleasure, a General Power of Attorney allows you the freedom to do so while someone you trust is handling your financial affairs back home.
Reason 4. You find it difficult to get around due to age or infirmity.
If you have limited mobility or otherwise find it hard to get around, you can give an adult child, a close friend or someone else you trust the authority to handle your financial and legal affairs, such as doing your banking, signing important documents, and paying bills for you. Making a Power of Attorney can be one of the most important things you do. You don’t have to pay an expensive lawyer when you’re ready to make a power of attorney. You can purchase affordable easy-to-use Power of Attorney forms from MegaDox.com.