The need for a will is straightforward. People who want to provide for their loved ones or control the inheritance of their property after they pass must create a document or risk state law governing their estates.
The need for powers of attorney (POAs) may not be as clear and direct. Many people dislike the idea of giving up legal, financial or medical authority. POAs grant an outside party authority, but only in specific qualifying circumstances. Who might need to consider putting one or more POAs in place?
Almost anyone could face an emergency
Powers of attorney take effect in emergency circumstances. When a person becomes incapacitated due to severe injury or illness, the agent or attorney-in-fact they selected assumes responsibility for their affairs.
A financial POA can provide the authority necessary to pay bills or manage resources for an incapacitated person. A medical POA can be used to grant the legal authority to make decisions about health care matters. Both can be important if a person suffers a serious injury or illness. Almost anyone who is a legal adult could benefit from creating POAs.
Individuals who have become estranged from their families, adults without spouses to support them financially, patients facing major medical challenges and people preparing for retirement are among those who may benefit the most from the creation of one or more POA. Anyone with specific medical preferences, dependent family members or resources that require management should do it before they face some kind of major medical emergency.
Discussing personal wishes and possible sources of vulnerability with a legal professional can be helpful. Attorneys can support adults as they draft powers of attorney and other estate planning documents to protect them, regardless of what occurs in their lives.
