5 Hidden Benefits of a Power of Attorney
A power of attorney provides people not only with peace of mind but control after unpredictable events. This legal document allows a person to appoint an agent to make decisions about finances and health care and manage those affairs should the person become unable to do so. Conversations with an Indiana lawyer inform people about appropriate legal strategies. This information helps them draft documents that thoroughly address their circumstances and communicate their wishes.
You may already understand the primary benefits of a power of attorney. Your family will avoid the costly and disruptive legal delays necessary to obtain a guardianship or conservatorship from a judge if you are incapacitated. By preparing a power of attorney ahead of time, your agent gains immediate legal authority to take care of tasks like paying bills and overseeing medical care.
However, powers of attorney do much more than install a continuity plan so that your affairs do not fall into disarray. Many hidden benefits accompany the completion of a power of attorney.
- Your Intent Is Clear
When you have financial and health care powers of attorney in place, your family members will know your wishes. You will prevent disagreements about what to do or because you appointed an agent to make certain decisions on your behalf.
- Asset Protection Is Possible
A detailed power of attorney that grants comprehensive powers to the agent can enable handling investments, real estate, and business operations. These assigned privileges allow the agent to complete transactions that protect assets. This power could be especially important during a crisis or if you need long term care due to your incapacity.
- Taking Care of Family
Comprehensive durable power of attorney gives your agent the ability, if you direct, to continue to make monetary gifts to your family, pay for college expenses for your children and maintain household expenses. .
- Prevent Allegations of Financial Abuse
If the Agent is making decisions in accordance with your POA and for your benefit and wellbeing, your Agent will be insulated from claims of financial abuse by other family members.
- Convenience for World Travelers
A power of attorney does not have to apply only if you become incapacitated. Some people who travel extensively, especially overseas, assign an agent to monitor and manage financial affairs while they are away. This benefit has become even more important as states and other countries have instituted travel restrictions and travel bans due to COVID 19.
Talk to an Indiana Lawyer
At Webster & Garino, we will inform you about different kinds of powers of attorney and recommend how to achieve your estate planning goals. Our guidance can result in a thorough power of attorney that clearly sets forth your wishes. Contact us today at (317) 565-1818.