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Powers of Attorney - Are They Necessary?

Jan. 28, 2020

Not to be a smart alec; but the answer is “Only if you need one”. If you need one, it may be too late to prepare one. Then it becomes a nightmare.

You may believe that your spouse, parents or children have authority to act on your behalf, they do not. You can prepare a Power of Attorney that authorizes your agent to act on your behalf during your lifetime. You can make this authority broad or narrow; you can limit it to health matters or to financial matters or you can limit it to one specific matter or you can include all matters. You can have the authority commence immediately or it can commence at a time in the future; such as your disability, if ever.

If you become disabled and you don’t have a valid Power of Attorney then your family or loved ones will be required to have a Guardian appointed and then comply with all statutes and rules associated with Guardians. This process can be offensive in that it requires your loved ones to file accountings with the court, even when all family members are in agreement.

A properly drafted Power of Attorney will allow your spouse, children or loved ones to assist you through difficult times without having the expensive Guardianship involvement.

By: Bob Cooper, Esq