Choosing a Power of Attorney is a Critical Estate Decision
Who would you want handling your financial affairs if you are ever incapacitated? Who would you want making medical decisions for you if you were unable to do so? These are two questions CNN Money Magazine suggests asking yourself when planning a living will.
A living will is one form of an advanced directive that allows an individual to make his or her wishes known to potential caregivers in the event of becoming debilitated.
Designating a power of attorney provides an individual with a back-up plan if they are ever unable to make decisions for themselves. This person can negotiate, enter into contracts, and settle matters for the person who has designated them.
While planning a living will it is important to designate both a durable power of attorney and a medical power of attorney. A durable power of attorney can make decisions while you are still alive. This would be beneficial to elders, who perhaps due to senility are unable to continure making important financial decisions. A medical power of attorney is there to help make choices pertaining to your medical treatment if you are unable to do so. This would include your desires regarding life-support matters.
Having each of these powers of attorney in place will help to elevate your family's stress during a difficult time. Without this important designation in place the court may be needed to intervene if the family is unable to reach a unified verdict on what is best for you...which could prove to be costly.
Courtesy of Yvette Smith, Senior Real Estate Specialist® REALTOR®
WILLIAMSBURG REAL ESTATE