Considering your plans for a power of attorney is important regardless of your age, but it becomes increasingly relevant as you age. There are many reasons to ensure your power of tampa estate planning attorney is appropriately organized and implemented before you experience an unexpected accident or emergency.
Power of Attorney: A Definition
A power of attorney is a formal and legally recognized arrangement that provides a specific person with the power to handle your affairs when you no longer can. Any person over the age of 18 can make arrangements for a power of attorney. It is most commonly used to ensure that a person’s affairs can be properly handled if that person becomes incapacitated, but the power of attorney is also utilized by military personnel before they deploy overseas.
Reason #1: Your Will is Not a Power of Attorney
Your will is an essential component of your estate plan, but it cannot substitute as a power of attorney arrangement. A will is meant to strategically and purposefully distribute your property after your death, whereas a power of attorney is responsible for continuing your financial and health-related decisions when you no longer can. You need to create a separate power of attorney Tampa document; don’t expect your will to cover all your legal needs.
Reason #2: Lacking a Power of Attorney Leads to Major Complications
If you fail to elect a power of attorney before an unexpected accident leaves you incapacitated, your family members cannot simply obtain a power of attorney to handle your affairs for you. Instead, the court will appoint a guardian or conservator, and there is no way to predict who that person will be or trust that he will honor his responsibilities.
Reason #3: A Power of Attorney Provides Reassurance
Many people mistakenly view a power of attorney or probate lawyer tampa as a frightening concept that implies death is near. This isn’t true at all! Having a power of attorney is simply a contingency plan. It provides you with the reassurance of knowing that a reliable and capable person will handle your affairs in the unfortunate event that you no longer can. Preparing your power of attorney also prevents your family from enduring costly and time-consuming delays.
With the right attorney, determining your power of attorney can be a simple yet powerful process. Don’t put it off any longer than you already have.