Not many people relish the thought of having to give up control to rely on others to make choices for them. Yet, a critical aspect of successful estate and retirement planning requires you to consider who or what organization you want to manage your finances and personal and medical affairs in the event you are unable to.
Never say never, growing older and a decline in mental, cognitive and physical functions are normal. To help you overcome the potential challenges you may encounter as you age, consider the following advantages of incorporating a Power of Attorney or POA into your estate plans.
So much more than a piece of paper
In the eyes of the law, anyone over the age of 18 can make legally binding decisions. One exception is mental capacity. Unfortunately, seniors and some disabled adults often have challenges that keep them from having the capacity to make sound and legal decisions. Instead of making decisions themselves, they rely on others (legal advocate, guardian, parent, spouse) via Power of Attorney to protect their interests and make informed, good-faith decisions.
Reinforces legal authority
Without proper authorization, anyone you designate to make medical, financial other important decisions when you cannot is acting without legal authority, their actions are unenforceable. If your estate plans lack the right Power of Attorney documents or permissions, you could end up with far less say or control over the end of your life than you intend. Your loved ones may not have the legal authority to honor your wishes.