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5 reasons you need a power of attorney in your estate plan

On Behalf of | Aug 19, 2023 | Estate Planning

Planning for the future means taking steps to protect your well-being and the well-being of your loved ones. An important tool in this planning is a power of attorney.

Including a power of attorney in your estate plan can offer you peace of mind, and it is helpful to understand why it is so important.

1. Ensure financial management

If you cannot manage your financial affairs, a financial power of attorney lets someone you trust handle your money matters. This person can pay your bills, manage investments and make other financial decisions that align with your best interest.

2. Take care of healthcare decisions

Healthcare decisions can be deeply personal and may need someone who knows your values and wishes. By including a medical power of attorney in your estate plan, you allow a trusted person to make healthcare decisions for you if you cannot.

3. Provide flexibility

A power of attorney lets you choose the authority level you grant to another person. You can create a broad power of attorney that gives the agent extensive powers or you can limit it to specific functions or time periods. This adaptability ensures that the power of attorney meets your unique needs.

4. Protect your family’s interests

Appointing someone with a power of attorney means you are protecting not only your interests but also your family’s. This arrangement can prevent family disagreements and confusion about what you would want in certain situations.

5. Facilitate real estate transactions

If you own, plan to buy or sell real estate, a power of attorney can be vital. It lets someone else handle the legal aspects of real estate transactions for you, ensuring smooth and efficient handling of your property interests.

A power of attorney is more than just a legal document; it is a proactive and wise step in planning for the future. Including a power of attorney in your California estate plan offers essential security and control. It ensures that someone will carry out your wishes, even in unforeseen circumstances, giving you and your family the peace of mind you deserve.