5 Reasons Why You Should Have a Power of Attorney

Preparing a Will or a Trust for your loved ones is a good thing and so is having a power of attorney.
For those of you wondering why do you need a power of attorney when you have already prepared a
Will, make sure to read the whole article. Death is inevitable and so are certain unavoidable
circumstances which may require someone else to make decisions for you – financial or otherwise.
What happens if you meet a sudden accident and are unable to make decisions regarding your
finances in that condition? This can be stressful not only for you but also for your family and this is
where having a power of attorney becomes useful.

But what exactly is a power of attorney? It is a legal document that grants the appointed agent or
attorney-in-charge the power to make decisions on your behalf when you are incapacitated or
unable to make well-informed decisions on your own. Read further to know why you should have a
power of attorney.

Choose Attorney-In-Charge Yourself

When you are physically and mentally capable of making the right decisions, you should also get a
power of attorney. Hire professionals for lasting power of attorney guidance so that you can choose
the correct type of LPA for yourself. No matter which types you choose, you will have the right to
appoint the person you trust to make decisions on your behalf – it could be a family member or a
trusted lawyer.

Legally Binding

A power of attorney is legally binding so no one can oppose your decisions. This is essential in case of
family feuds! But it is also important to appoint someone you trust to make the right decision in your
absence. In case there is a possibility of a fight ensuing between family members if you choose one
of them, then it is advisable to hire a power of attorney service provider who can help you choose
the right person.

No Need for a Guardianship or Conservatorship

When you already have a power of attorney then, in case of a sudden event or medical emergency
where you are unavailable to make decisions, the power of attorney will automatically activate and
the appointed agent or attorney-in-charge can make decisions on your behalf. Having a medical
power of attorney can be especially beneficial in case of medical emergencies.

Your Loved Ones Will be Taken Care of

Having a Will is surely essential especially when you have children who are minor or other loved ones
who are financially dependent on you. But what happens when you meet an accident? As you are
still alive, you Will won’t be activated. Hence, in such cases, to take care of your loved ones
financially, having a lasting power of attorney can be beneficial.

Asset Protection

Asset protection is possible when you have a comprehensive power of attorney. In case of limited
power of attorney, the agent won’t have the power to make certain decisions which may result in the
loss of a large sum of money. So, if you have a business, having a comprehensive power of attorney
can be beneficial to you.