Estate Planning Isn’t Just For The Elderly

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The importance of having a power of attorney

On Behalf of | Aug 2, 2022 | Estate Planning

While many people are interested in appointing someone as their power of attorney, they may not know where to start. It can be an intimidating process, especially if one does not know where to begin.

There are many reasons to appoint someone as your power of attorney. However, your individual situation and needs can influence whether or not this is the best move for you.

Learning about the power of attorney

There is more than one type of power of attorney, and thus determining which is best for you can take a little investigation. For example, some may want a medical power of attorney strictly to make medical decisions for them in the event that they become incapacitated. Others may choose to have a general power of attorney, for things like paying bills and managing business contracts. Additional power of attorney terms you may hear in New York include durable power of attorney, statutory power of attorney/financial power of attorney and health care proxy.

Why do you need to designate a power of attorney?

Designating a power of attorney can be a good move for many reasons. One of them is that it can ensure that you are taken care of in the way you desire if you ever become incapacitated and are unable to care for yourself. It can help you ensure that your wishes get respected and carried out, although you may not be able to do so yourself.

The thought of designating a power of attorney can be intimidating. And while it may seem as if it is a complicated process, the reality is that it can save you and your loved ones a lot of stress in the long run.