Are you in the process of drawing up a power of attorney? Are you helping a loved one decide for or against this? Regardless of your situation, there is a good chance that you will be faced with this decision at some point.
There is no law saying you have to create a power of attorney. That being said, there are benefits of doing so. The following are some of the many advantages to consider:
- You are giving somebody else, somebody you trust, the ability to make decisions on your behalf.
- Peace of mind in knowing that you will be in good hands should you be unable to make your own decisions.
- You can control whether your agent has specific of general power.
- Establishing a power of attorney is relatively inexpensive.
While these advantages may be enough for you to consider creating a power of attorney, there are some reasons why people avoid this:
- They don’t want to spend the money, even if it is a small amount.
- You are concerned that you or your loved one is not in the right frame of mind to create such as document.
- There is always the possibility that the power of attorney agent could abuse his or her power.
- The concern that somebody you believe to be trustworthy could betray you in the future.
These are some of the advantages and disadvantages of creating a power of attorney. Regardless of your age, income, family situation, or current estate plan, this is something you should consider.
While many people think this is something they can do on their own, they soon find that the process is full of roadblocks and potential trouble. Rather than take on this task alone, consider the benefits of consulting with an estate planning attorney.
Over the years, we have helped many people create a power of attorney they are comfortable with.