Thursday, March 5, 2015
Getting Started on Estate Planning - Part 2
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We are diving into the second part of a simple estate plan. In our last post, we talked about the benefits and importance of a will. Now, let’s talk about a power of attorney.What is it?
A power of attorney is essentially a legal document that allows you to give someone the power to act in your place. You’ll need this if you ever become mentally incapacitated for medical and financial purposes. You may have heard of a Durable Financial Power of Attorney or aDPOA. This expresses written consent for a person to act on one’s behalf in legal affairs and designates persons to make those decisions. A Durable Medical Power of Attorney takes effect when one is incapable of speaking for himself or herself in regard to medical decisions.
It’s important to first think of someone you trust the most to make decisions on your behalf should you become ill and not capable of making the financial decisions necessary for your care. You want to make this decision while you are healthy and in a good state of mind. If you’ve never thought about this, now is a good time to take a hard look at who would be most appropriate for this role.
Is it Necessary?
If you do not have a power of attorney in place what happens? The probate court can decide who should be your guardian and voice, but this is a long and expensive process. This further emphasizes the importance of taking the time to sit down with your attorney to formulate a plan that best fits your interests.
Developing a will and preparing a power of attorney are two items you can check off your list. Knowing where to begin in the estate planning process can be overwhelming. Simply call us at 419-227-3423 or submit an inquiry here. We’re happy to answer your questions or schedule a time to meet with us.
