Many people are hesitant to create a power of attorney (POA) to be included in their estate plans. They think that it will leave them – and their assets – vulnerable to someone else’s wishes, when it actually does the opposite. Learn more about how to correctly utilize a POA in your Missouri estate plan to protect your health and assets while giving you peace of mind.
What is the Purpose of Having a POA for Your Estate Plan?
One of the purposes of an estate plan is to plan for the end of your life, but it can also be to make plans for the unexpected. A POA allows you to do just that; for example, if you become incapacitated or are no longer able to make your own decisions, you can assign someone to act as your “attorney in fact” or grantor and make decisions on your behalf.
In estate planning, many people choose a durable power of attorney; that is, a POA that comes into effect only when you become incapacitated. You can have a durable POA for finances or healthcare, and each serves a separate purpose. A healthcare POA can follow your specific instructions for how you want end-of-life care handled, while a financial POA can pay your bills and manage other financial decisions for you.
Advantages of Assigning a POA in Your Estate Plan
Avoid Court
In the event that you aren’t able to make decisions for yourself and you don’t have a POA in place, your case may require legal intervention. A judge will review your case and may appoint someone to make decisions on your behalf without your input or approval. Creating your own POA leaves you in control by allowing you to choose your own grantor; additionally, you can create a POA that aligns with your financial or healthcare goals.
Keeps You in Control
When you create a POA document, you can include limitations and specifications for how you want things to be handled. In addition to the important decision of choosing whom you want to act as your POA, you can also provide them with instructions for handling your financial or healthcare decisions.
Prevents Exploitation
It’s an unfortunate truth that many people are taken advantage of when they’re the most vulnerable. However, having a strong POA that outlines your wishes will protect you, your finances, and your health in a legal sense.
Protects Your Assets
Outlining your plans with a POA protects your assets by ensuring that your affairs are being handled properly. You can feel confident that your assets will be protected and used the correct way when you assign a trusted POA.
How to Assign a POA in Your Missouri Estate Plan
The best way to create a POA that aligns with your values and wishes is to have a discussion with a Missouri estate planning attorney. Not only will you have a valuable resource to help you create a valid POA, but you can also ensure that you can avoid some common mistakes in the rest of your estate plan. At Mark Harford Law, we specialize in all aspects of estate planning and would love to answer your questions about how a POA can fit into your plan. Contact us today to schedule a consultation with a member of the Mark Harford Law team to get started.