Have you started planning for your future? Only 33% of U.S. adults have created their estate planning documents, according to the online legal resource Legal Zoom. Making these plans and preparations is always challenging, but it has to get done. To make things less stressful, you can contact an estate planning attorney to handle everything for you, which includes choosing the agent to name in your power of attorney.
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Understand the Arrangement
When working with your estate planning attorney, you will create a power of attorney, a powerful document that names an agent to temporarily or permanently act on your behalf. Unfortunately, this is one thing that’s regularly overlooked during estate planning. Your agent can potentially be limited to one specific activity, such as handling closing the sale of your house. When it comes to legal documents and putting people in charge to help make tough decisions, there are important factors to consider before you choose your agent.
Choose Someone Dependable
This is a decisive role since they will be making your financial decisions. If there are accounts in your name, the agent will have total access to them. That’s why it’s vital to trust that person. Because your agent can access your financial accounts, they can steal your money. While you can sue the agent for misused or stolen funds, if all the money is gone, you may not be able to recover any of it. You’ll want to avoid things like abuse or missing money.
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Know Your Options
With your power of attorney documents, there are two types. One is a durable power of attorney that becomes effective once signed and you become incapacitated in some way. A springing power of attorney is active once you’re incapacitated, but only according to specific conditions outlined in the document. The most common form is a durable power of attorney. An estate planning attorney can help you understand which option is the best fit for your needs.
Your estate planning attorney is there to help plan for your future. They’ll answer your questions and help ensure the right agent is listed in your power of attorney documents. To get started with a legal team you can count on, contact our office at Nelson Elder Care Law today. We would love to assist you!