To those not involved in the legal or financial fields, estate planning feels like a monumental job. Because there are so many options for individuals in the Lynchburg area, they often put off the important process. If unexpected death or incapacity occurs, when there’s no estate plan, families may be at the mercy of the Virginia judicial system to address finances and other important matters.
Many people feel that if they have a solid will or trust, powers of attorney are unnecessary. This might be true in some cases, but these important legal documents add another layer of security to an existing estate plan.
For those who are not sure if one or more powers of attorney are necessary, it is wise to consult with an estate planning attorney. He or she can help you develop your plan and make recommendations.
While several types of powers of attorney exist, two typically stand out from the rest. These are a power of attorney for health care and for finances. Most plans will benefit from including these two elements, even if you do not currently have substantial wealth and not suffering from a serious illness.
A health care power of attorney lets you designate someone to make medical decisions on your behalf. If you should suffer an incapacitating injury or medical condition unexpectedly, this document ensures that your medical providers will follow your expressed wishes regarding health care.
Having a financial power of attorney in place means that someone you trust can manage your financial affairs if you can no longer do so due to an injury or illness.
Putting your wishes in writing and knowing that the individuals you choose to act on your behalf have only your best interests at heart can go a long way in giving you peace of mind right now.