A power of attorney is a necessary document to have as part of a comprehensive incapacity plan. Making a power of attorney is important to protect yourself in case you develop a serious illness or suffer an emergency injury, and you are not able to make your own decisions or manage your own affairs as a result of what has happened.
A power of attorney must be created before something happens to you, while you are of sound mind. If not, then you and your family may face undesirable consequences. It is a stressful situation trying to gain access to bank accounts, pay bills or speak on behalf of a parent, so a power of attorney is a versatile legal tool.
It can be created to give someone limited authority to act on your behalf in a legal capacity. If you are going to be out of town when a contract must be signed, you can create a power of attorney and give another person the authority to sign the contract in your stead.
Also, you can also make a general power of attorney to provide an agent broad authority to manage all of your decision-making. There are different types of powers of attorneys in terms of when the document becomes effective, either immediately or upon your inability to act.
Sinclair Prosser Law is able to discuss the various options and effect on various situations. Also, the power of attorney will be durable so that in case of incapacity, it will remain in effect.
A healthcare power of attorney allows you to designate who will make medical choices for you. There are various aspects to consider such as a healthcare agent designation and a living will. Your healthcare proxy may be the same person as your financial agent who manages your other affairs, or you could choose a different person.
If there is no power of attorney in effect, then loved ones may not have the legal authority to act. Also, your family could fight over who will be in charge of your affairs. There could be a long delay with no one in charge of making decisions, during which time your assets lose value as no one is managing in a fiduciary manner.
Eventually, court guardianship proceedings are necessary, and are stressful and costly where which the court declares you are incapacitated and appoints a guardian, which may not be the individual that you would have chosen.
Powers of attorney are essential to an estate plan and Sinclair Prosser Law can assist with making these decisions. It is important to take control of your affairs before something happens.
For more information, please join us for an upcoming FREE seminar. If you have questions or concerns about your estate plan, contact the experienced estate planning attorneys at Sinclair Prosser Gasior by calling (410) 573-4818 to schedule an appointment.
Sinclair Prosser Gasior Annapolis Headquarters office is now located at 183 Harry S. Truman Pkwy, Suite 104.
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