Power of Attorney: Why it is Important to Have a Power of Attorney Especially During a Pandemic?
It is important to not only consider your wishes upon death, but to also consider your wishes in the event that you become unable to make decision for yourself while living. For example: if you were in an automobile accident and you are now in a coma (therefore incapacitated) you will need to ensure you have someone you trust to make decisions on your behalf, whether that be financially or medically.
One way to make sure you are protected and to ensure your wishes are carried is by executing power of attorney documents. These documents will specifically lay out who can make decisions on your behalf in the event that you become incapacitated.
What is a Power of Attorney?
A power of attorney (“POA”) is a document that specifically grants another person, referred to as your agent, the power to act on your behalf. There are two types of POAs a person can have: one that provides for powers relating to health care decisions and another that provides for powers relating to property and financial decisions. A POA is a flexible in the sense that it allows you to choose which particular powers you give to your agent and which power you do not want your agent to have.
Benefits of Power of Attorney Documents
If your POA is “durable” then your agent can only handle your affairs in the event that you are determined incapable of making decisions for yourself.
Without power of attorney documents in place, a court would have to make the determination as to who is able to make decisions on your behalf in the event that you are no longer able to make decisions for yourself – this can be time consuming and expensive.
Planning ahead allows you to put a lot of thought and consideration into your wishes and allows you the opportunity to speak to your family regarding your wishes. Power of attorney documents allow for you to grant and restrict certain actions your agent can take while acting on your behalf. You can have a certain agent assigned for your healthcare power of attorney and a completely different agent assigned for your financial power of attorney which allows you to choose the person best suited to make certain decisions.
Do You Need An Attorney?
Choosing a plan for your estate can be overwhelming, at Cotter Law we will make sure you are well prepared and protected while carrying out your wishes. Fill out the form below or call Cotter Law today to schedule your FREE consultation at (865) 888-7155 to speak with an experienced attorney.
Request Free Consultation
