Choosing your Power of Attorney will determine how well your estate plan plays out after you've passed away. Not sure how to choose your POA? High Sierra Legal is here to help!
What is a Power of Attorney?
A Power of Attorney is the person who will handle your legal and financial affairs as outlined in your estate plan. There are two types of POAs that you can choose: medical and financial.
A POA will be the person who takes care of your affairs in the event that you are suddenly incapacitated and are unable to make those decisions.
When choosing your POA, you may feel worried and conflicted about your options. If that sounds like you, it may be helpful to sit down with the person you are considering as your POA and determine whether or not they're a good fit for the role.
Here are some helpful things to keep in mind when choosing:
Your POA should be someone who is reliable and trustworthy.
Your POA should not have a financial stake in your estate plan.
It would be helpful for your POA to live nearby, in the case of a medical emergency.
A POA who is articulate and willing to be assertive would be helpful.
For more information on how a financial Power of Attorney works, check out this episode on our YouTube Channel!
Curious on how a Financial Power of Attorney works, check out this episode on our YouTube Channel that helps explain the parts and rolls.
What about the Medical Power of Attorney?
How Do I Get Started?
The process of estate planning begins by deciding if you'd rather have a Will or a Living Trust. This decision should be thoroughly researched so that you know the pros and cons of both documents. Once you've started this process, you can then name your trustees, POAs, and beneficiaries!
When Should I Get Started?
The best time to start researching and planning is as soon as possible! While it's hard to accept our own mortality, it's not hard to do what's going to help your family the most - leaving them caught off-guard when something happens to you is what estate planning is meant to avoid.