Power of attorney is a sound way to manage estate planning. It gives persons or entities the authority to act on your behalf when you are legally unable to make decisions for yourself.
The arrangement is set up in the event you’re mentally or physically incapable of managing your affairs. Agents can have full or limited power to handling personal affairs. The power can be temporary or permanent. You can give individuals power for medical issues, finances, estate planning, or everything.
Power of attorney benefits
Here are unique conditions where power of attorney can alleviate family stress, financial turmoil, and give you peace of mind.
You clearly define your intent
Family members and legal entities know your wishes if you are unable to act yourself. Accidents and unexpected losses lead to disagreements and strife. But with a power of attorney, a trusted agent ensures what you want is always on the agenda.
Without your guidance, investments, real estate, and business operations can fall into disarray or end up managed in ways you wouldn’t approve of. What happens to them can end up being decided by the court. Assigning responsibilities to an agent you trust is the safest way to keep a crisis from crippling operations.