What is an Enduring Power of Attorney?

You can authorize someone you trust to act on your behalf if something happens to you. Find out how to appoint an enduring power of attorney today.

WOODSTOCK, ILLINOIS, USA, May 13, 2022 /EINPresswire.com/ — About half of adults have a power of attorney, and 73% of people over the age of 72 have one. However, young adults often don’t have estate planning documents like this. Only 41% of millennials have a power of attorney in place.

Many people think that estate planning documents are just for older people. It is essential for any adult to have planning documents such as an enduring power of attorney and a valid will. This can bring many benefits to people and their loved ones.

Let’s see what a durable power of attorney is, who needs it and how to get one.

What is a power of attorney?

A Power of Attorney (POA) gives someone else permission to manage an individual’s affairs on their behalf. Most often, this includes finances, legal matters, or health care.

The person someone appoints to act on their behalf is actually called their agent or attorney. It is not necessary to be a lawyer and it can be an individual or a company.

A power of attorney can be general and cover a wide variety of situations. Or individuals can create limited proxies that only apply in certain circumstances. For example, a power of attorney for finance gives an agent the ability to manage their finances.

What is a durable POA?

If a person becomes mentally incompetent, an ordinary power of attorney would no longer be valid. However, a durable power of attorney can help in this situation.

When a power of attorney is durable, it remains in effect even if someone becomes incapacitated or unable to make decisions on their own behalf. This can give medical and financial assistance through the agent in case of illness or accident.

Many people choose to create a durable general POA to allow their agent to make many different decisions. However, they could get sustainable health care or fund a power of attorney to focus on more specific issues.

When is a durable power of attorney useful?

A durable power of attorney is useful for planning for medical emergencies or declines in mental well-being and functioning. Individuals can always rest assured that their finances and other matters will be thoughtfully taken care of.

Because people create a Lasting Power of Attorney before these situations arise, it can help prevent confusion during a time that can be difficult for loved ones.

Durable medical powers of attorney can help loved ones make medical decisions for them in the event a loved one is incapacitated. This is true even if they are expected to make a full recovery.

It is important to note that a durable power of attorney for health care is not the same as advance directives or living wills. Living wills cover your treatment when a person is at the end of their life and can no longer communicate. People can have both and, in some cases, combine a living will and a durable medical power of attorney into one document.

Who needs a durable power of attorney?

If someone does not have a durable general power of attorney and becomes incapacitated, their family may not be able to begin to take care of their finances. In many cases, they would have to go to court to have someone declared mentally incompetent.

Only after that can they start doing things like filing taxes, managing bills and bank accounts, and applying for government benefits. This delay can make things difficult for loved ones and lead to problems such as late bills.

For this reason, it is recommended that everyone have a durable power of attorney in place just in case of unforeseen circumstances. Even something as common as a car accident could put a person in a state where they cannot make the necessary decisions in their life.

Many young people put off planning until they are older. But people who have families or anyone else dependent on them should have a durable power of attorney in place to ensure that their finances and other matters can be managed.

However, there are also instances where having one is particularly critical. If a person is advancing in age or at high risk of medical emergencies or changes where they may be incapable of making decisions, they should create a durable power of attorney before they become incapable.

Many people worry that powers of attorney are permanent documents. However, as long as one is mentally capable, they can revoke their power of attorney at any time. This means they can take advantage of the protection offered by powers of attorney without worrying about the inability to change them if their circumstances change.

How to create a durable power of attorney?

Do-it-yourself durable power of attorney forms can easily be found online. Although they are affordable and easy to use, they are very easy to use and may not be the best option available.

Instead, it’s best to discuss special needs with a lawyer. They will be able to assess important situations and needs and consider financial, estate planning and medical planning needs. Additionally, an attorney will know if there are any local or state laws that might affect a power of attorney.

When people are ready to create an enduring power of attorney, start by finding a trusted attorney who works in estate planning. They will be able to guide people through the process of creating a sustainable POA and implementing it.

Protect yourself and your loved ones with a durable power of attorney

A durable power of attorney is a powerful planning tool for adults of all ages. This can help ensure that loved ones can make health care and financial decisions. Although some never need to invoke it, this ability can ensure that an estate is handled efficiently and by those destined to do so.

To learn more about what an Enduring Power of Attorney is, click here.

Jim Militello
First Law Group
+1 815-338-2040 ext. 123
write to us here

Comments are closed.