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For most people, asset distribution tends to be the main focus of estate planning. However, having a power of attorney in place is just as important for protecting yourself and your loved ones. This involves designating another person to make decisions for you should the need arise. The role comes with a great deal of responsibility, so it’s vital to put careful thought into this selection. Here’s what to know about how a power of attorney works and what to consider when appointing someone.

What Is a Power of Attorney?

A power of attorney is a legal estate planning document that grants an individual the authority to act on your behalf if you’re unable to communicate or handle certain matters. This person is often referred to as an agent. 

Power of attorneys are commonly used when a person becomes incapacitated or experiences significant cognitive decline. Under these circumstances, they’d help manage your affairs according to the powers you’ve given them.

The document can be written to provide your agent with the ability to handle all medical, financial, and legal concerns, or it can authorize them to make one specific decision or transaction. This can include activities such as determining end-of-life care, paying bills, buying or selling real estate, operating business interests, and settling claims.

Who Should You Appoint?

estate planningSince the person you name as your power of attorney will be dealing with such critical aspects of your life, you want to choose someone trustworthy. You should be confident that they’ll take their duties seriously and be committed to fulfilling your wishes. It’s best to appoint an agent you know is organized, pays attention to detail, and manages their own finances well.

They should also be able to easily collaborate with your family, estate planning attorney, healthcare professionals, and accountant to uphold your best interests. Once you’ve made your decision, be sure to talk it over with them and find out if they’re willing to take on the role.

 

If you have yet to draft a power of attorney, contact the Law Offices of Robert B Liotta, Esq., for guidance. This firm has been assisting clients throughout Westmoreland, Allegheny, and Armstrong counties in Pennsylvania with all their estate planning needs for the past two decades. By working with Attorney Liotta, you’ll receive sound legal advice to help you make the right decisions when getting your affairs in order. Call (724) 334-9870 to schedule a consultation, or visit him online to learn more about his areas of practice.

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