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While much of your estate plan focuses on actions that take place after death, it\u2019s equally important to have a plan for making critical financial or medical decisions if you\u2019re unable to make them for yourself during your lifetime. This is why including a power of attorney in your estate plan is a must.<\/p>\n
Defining a power of attorney<\/strong><\/p>\n A power of attorney is defined as a legal document authorizing another person to act on your behalf. This person is referred to as the \u201cattorney-in-fact\u201d or \u201cagent\u201d \u2014 or sometimes by the same name as the document, \u201cpower of attorney.\u201d Generally, there are separate powers of attorney for health care and property.<\/p>\n Be aware that a power of attorney is no longer valid if you become incapacitated. For many people, this is actually when the authorization is needed the most. Therefore, to thwart dire circumstances, you can adopt a \u201cdurable\u201d power of attorney.<\/p>\n A durable power of attorney remains in effect if you become incapacitated and terminates only on your death. Thus, it\u2019s generally preferable to a regular power of attorney. The document must include specific language required under state law to qualify as a durable power of attorney.<\/p>\n Naming your power of attorney<\/strong><\/p>\n Despite the name, your power of attorney doesn\u2019t necessarily have to involve an attorney, although that\u2019s an option. Typically, in the case of a power of attorney for property, the designated agent is either a professional, such as an attorney, CPA or financial planner, or a family member or close friend. In any event, the person should be someone you trust implicitly and who is adept at financial matters. In the case of a health care power of attorney, a family member or close friend is the most common choice.<\/p>\n Regardless of whom you choose, it\u2019s important to name a successor agent in case your top choice is unable to fulfill the duties or predeceases you.<\/p>\n Usually, the power of attorney will simply continue until death. However, you may revoke it \u2014 whether it\u2019s durable or not \u2014 at any time and for any reason. If you\u2019ve had a change of heart, notify the agent in writing about the revocation. In addition, notify other parties who may be affected.<\/p>\n Time is of the essence<\/strong><\/p>\n To ensure that your health care and financial wishes are carried out, prepare and sign health care and financial powers of attorney as soon as possible. Don\u2019t forget to let your family know how to gain access to the documents in case of emergency. Note that health care providers and financial institutions may be reluctant to honor a power of attorney that was executed years or decades earlier. Sign new documents periodically. Contact us with questions.<\/p>\n \u00a9 2024<\/em><\/p>\n <\/body> While much of your estate plan focuses on actions that take place after death, it\u2019s equally important to have a plan for making critical financial or medical decisions if you\u2019re unable to make them for yourself during your lifetime. This is why including a power of attorney in your estate plan is a must. Defining […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,9,10],"tags":[8,11,12],"class_list":["post-16913","post","type-post","status-publish","format-standard","hentry","category-articles","category-estates","category-news","tag-articles","tag-news","tag-updates"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=16913"}],"version-history":[{"count":1,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16913\/revisions"}],"predecessor-version":[{"id":16914,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16913\/revisions\/16914"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=16913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=16913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=16913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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