No one knows what tomorrow may bring. That’s why being prepared for anything the future throws your way is a must. That includes planning for a comprehensive power of attorney well able to provide you with your heath or financial needs, says Forbes. With the help of one, you can:
1. Assign an executor for your will.
This person makes the financial or medical decisions for you in case you reach a state of mental incapacity. Without one, your heirs might have to spend money on building a guardianship or conservatorship, which could take time and money to establish.
2. Discuss your wishes with family members.
Death, dying or being in an accident isn’t usually a topic most families want to discuss. However, you can’t have a power of attorney without discussing these details, which gives you the perfect opportunity to talk it out and pin down details with loved ones.
3. Comprehensive is better.
Your needs change as you grow older and that’s something your power of attorney should mirror as well. So if you’ve hit your golden years, it should cover your long-term care or what care providers to choose for yourself when the time comes. Dealing with these details early on can save you and your family a lot of heartache, time and money later on.
4. Set questions to rest.
In many cases, the absence of a will could involve a long, lengthy process where parties try to figure out your intent. If you have one, there won’t be any doubt as to what outcome you want, what financial steps would you like your executor to take or which ones you really enjoyed.
There are plenty of other advantages that it brings to the table. From zero delays in implementing your wishes to ensuring you get the results or the treatment you want.
