Plan Before You Can't: Why You Need a Power of Attorney

As you continue to age, it's important that you have a plan for any possible future circumstances. One way to do this is to set up a Power of Attorney (POA). If you're currently wondering how a POA can benefit you, we urge you to keep on reading. Investopedia shares when exactly you should establish this document.

Many retirees or elderly individuals find that establishing a POA gives them some peace of mind. In the case that they are unable to make decisions on their own, a POA (specifically a durable POA) gives the individual (the principle) the ability to designate another person to act on their behalf (the attorney-in-fact). 

The principal will specifically define what the attorney-in-fact can do on their behalf when it comes to certain circumstances. For example, the attorney-in-fact might be granted the right to make financial decisions, as well as decisions regarding the individual's care. Everyone, of course, has different expectations when it comes to the handling of their finances and how they are to be cared for if they were to become incapacitated. This is also why it's incredibly important to plan for these circumstances sooner rather than later. 

Investopedia shares more on POAs and the importance of establishing one as an elderly individual. As always, continue to do your research on this topic. When you're ready to make the decision, be sure to speak with an elder law attorney for assistance in creating all necessary documents.

Visit Investopedia for more information: https://ow.ly/q6tn30mXIer

In what ways has this blog helped you learn more about POAs? Share below!