Power of Attorney for an Incapacitated Person

By EdwardM
A power, attorney document, another adult, your behalf

papers to be signed image by Pix by Marti from Fotolia.com

A power of attorney for an incapacitated person is a legal document which gives another adult the durable legal right to act on your behalf. It is essential that you have a power of attorney that is durable and will allow another person to administer your final decisions; without one your financial affairs may go into disarray.

Legal Advocacy

The most important factor when establishing a power of attorney document is determining who will actually be given the right to handle your affairs. You should think deliberately about this topic; it may not be the person who first comes to mind.

Legacy

If your estate is not properly administered and your debts are not resolved prior to death, the probate process could put your family under the microscope of your community, since all probate proceedings are public.

Family Money Implications

A power of attorney protects your children and grandchildren by ensuring that your final estate plans will be administered despite your physical inability to sign final trust documents.

Misconceptions

There are many common misconceptions about wills and estates. The most common is that a person can take care of such matters later in life. The problem with this is that we never know when a bad accident will occur. Another misconception is that only wealthy people need a strong estate plan.

Establishment

You will need to contact an attorney to properly establish a power of attorney document. It should not be a very expensive document for the attorney to write, as most power of attorneys are only a few short pages.

Other Concerns

A power of attorney document will ensure that your estate does not go out of your family's financial circle and into the hands of another party like the Internal Revenue Service.

Cite this Article A tool to create a citation to reference this article Cite this Article