Powers of Attorney
Another important aspect of all estate plans is a durable Power of Attorney (POA), which grants an individual, usually a spouse and/or children, the authority to manage your financial affairs should you become incapacitated or unable to make decisions for yourself. The individual you designate as your agent will be able to manage your finances, buy or sell property, file tax returns and handle other legal transactions on your behalf.
You have the choice as to when your power of attorney becomes effective.
If you become incapacitated or mentally incompetent and have not appointed an individual as your guardian, the courts will do so for you. These court proceedings can be expensive, timely and embarrassing. Your loved ones must ask the court to rule that you cannot take care of your own affairs and the court will appoint someone. There is a possibility that the court will appoint someone you may not have selected as your guardian.
Remain in control of these important decisions. Have your estate planning documents in order and provide peace of mind to your loved ones.