Since everyone’s financial situation and family dynamic are different, every estate plan should be too. However, there are a few critical arrangements that everyone should make when creating a comprehensive estate plan. These arrangements can be made using powers of attorney (POAs). Here are two primary reasons why you should create POAs alongside your will. 

To Prepare for All Eventualities 

In a will, you can state any last wishes, but what if you are incapacitated before passing away? Power of attorney gives someone you trust the authority to make important legal, financial, and personal decisions on your behalf when you are still alive. Examples include handling business transactions and managing real estate property. While this is a document your loved ones will hope never to use, it’s far better for them to have it and not need it than to need it and not have it. 

To Protect Yourself

The primary purpose of estate planning is to take care of surviving loved ones. However, you can use power of attorney to protect yourself as you near the end of life too. For example, if you become incapacitated, someone can step in and make decisions regarding treatment if you have a health care POA in place. Typically, a health care POA is accompanied by a living will, which is another pertinent estate planning document. A living will contains your written wishes and preferences regarding end-of-life care, while power of attorney grants someone the authority to ensure those wishes are honored. 

If you want to include a power of attorney in your estate plan, turn to Wills and Trusts Hawaii. Based in Honolulu, this firm is proud to help families on Oahu protect themselves and their loved ones. By focusing solely on estate planning, their team can stay up-to-date on all the statutes and proceedings that might affect clients. To learn more about the legal services they provide, visit their website. Call (808) 792-8777 to set up an appointment today.