A power of attorney is an essential component of any succession strategy. Learn what occurs if you do not have a power of attorney and how simple it is to create one.
What you’ll discover:
What if you don’t have a Durable Power of Attorney?
The Drawbacks of Not Having a Power of Attorney
How to Make a Durable Power of Attorney
A Power of Attorney enables you to make plans for your health care, medical, business, and financial choices if you are disabled or otherwise unable to do so yourself. Creating a Power of Attorney is widely regarded as a prudent component of any succession strategy.
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What if you don’t have a Durable Power of Attorney?
Though the regulations vary from state to state, the judge is typically called in. The procedure is identical to what happens if you pass without a will, and it can be exhausting, expensive, and time-consuming for everyone involved.
The judge will create a custody or guardianship and designate someone to make medical and money choices on your behalf. This individual is known as a caretaker or protector. Even though the judge will frequently assign a close family member to this position, there are a few key reasons why you should avoid doing so.
The Drawbacks of Not Having a Power of Attorney
The procedure itself is the first drawback. As previously stated, the court procedures that lead to the designation of a custodian or protector can be lengthy. They can squander your friends’ and family’s time and money during a tough time.
The second drawback is that you have no control over who the judge appoints. The person appointed by the judge will have wide power to act on your behalf. Although this individual is near to you, they may not be capable of making those choices.
You may not want your nearest cousin, for example, to make these decisions for you. Alternatively, you may not want the same individual making medical choices (such as whether to revive you) and money decisions (such as how to operate your company, which organizations to give to, and so on).
How to Make a Durable Power of Attorney
A Power of Attorney is a good option if you want complete authority over those choices. You can either establish a single, wide Power of Attorney (known as a general POA) or distinct, unique papers to address specific problems. With our easy, step-by-step procedure, we can assist you in creating your Power of Attorney online.
Remember that a Power of Attorney does not replace a Last Will and Testament. Both are frequently included in a decent succession strategy.
