A Power of Attorney is useful to designate someone you trust to manage your finances or make medical decisions in your place when you are unable to do so yourself.
A Power of Attorney ensures that, in the event of an emergency where you become incapable to manage your own affairs, someone else is appointed to make decisions on your behalf.
Without a valid Power of Attorney document containing instructions for the management of your finances and medical care, the Public Guardian and Trustee may step in to make decisions on your behalf. While the Public Guardian and Trustee has an obligation to look out for your best interests, they may not be in a position to know what your best interests are in every situation.
It is possible for a family member or dear friend to apply to the court to become appointed as your legal guardian; however, the person applying may not be the person you would have appointed had you created a Power of Attorney document.
Other Good Reasons to Have a Power of Attorney Document
In addition to losing control over which person will make decisions on your behalf, there are other issues that could be solved by having a Power of Attorney document. More important than who will make the decisions for you is what decisions they will make.
In your Power of Attorney document, you may provide instructions for the level of care you require, impose other conditions and restrictions on your attorneys, designate multiple attorneys to act jointly or jointly and severally, or otherwise instruct your attorney(s) to act as you would like.
Making important financial and medical decisions in a time or crisis can be a very daunting task. A properly drafted Power of Attorney Document removes some of the guesswork associated with being an attorney. Adequate instructions may help to lift some of the burden off of your family’s shoulders should worse come to worst. Even if your family makes the same decision you would have made in a critical situation, they may end up second guessing themselves if you did not make your wishes explicit.
When it comes to important life decisions, it is best not to gamble. A Power of Attorney document helps to avoid unnecessary risk. Note that a Power of Attorney is only valid if made while you still have capacity. Do not wait until it is too late to draft a Power of Attorney document.
If you would like to have a Power of Attorney document drafted, you can contact our lawyers and we will meet with you to discuss your options. You can also visit our Pricing page to see the various packages we offer.
If you would like to read more about Wills and Estates, you can check out our other blog articles here. See our post, “What Is A Power of Attorney?” for a more in-depth discussion about Powers of Attorney and how they work.