Estate planning plays a crucial role in making sure your loved ones are taken care of after your death. However, there’s much more to creating a solid estate plan than simply drafting a will. A comprehensive plan typically includes several different types of legal documents, with one of the most essential being a power of attorney. A POA allows you to appoint someone you trust to manage your affairs in the event you must be away for any length of time, or you become incapacitated and can’t make decisions on your own. Below are the top reasons to have a power of attorney.
Oversee Your Financial Obligations & Legal Matters
When you designate a power of attorney, one of their main roles is to protect your financial interests by overseeing the various transactions you’re obligated to fulfill. Duties can include everything from simply paying bills to buying and selling stocks and bonds and being in charge of real estate dealings. They will also handle any legal issues you might be involved in.
Make Vital Medical Decisions
Another benefit of naming a power of attorney while estate planning is that it will give someone the ability to make medical decisions for you when you are no longer of sound mind to do so yourself. They will be authorized to decide factors like which healthcare treatments you should receive, medications to take, and whether to end life support.
Having a power of attorney will avoid family disputes and prevent the court from stepping in and deciding who should be given the authority to make financial, medical, and legal decisions on your behalf. For reliable estate planning assistance, the residents of Arlington, MA, turn to Gosselin & Kyriakidis, PC. Specializing in all areas of elder law, this team of legal professionals has extensive experience putting together valid estate plans that hold up in court. Contact them at (781) 782-6000 or visit their website to learn more about the different services they provide.