3 Tips for Setting Up Power of Attorney

If you have concerns about your future abilities or you want to make sure that all of your bases are covered, it’s time to consider setting up a Power of Attorney. According to the American Bar Association definition, a Power of Attorney is a legal document that gives another person the legal authority to make decisions and act on your behalf. Let’s review a few tips for getting this document in place.

1. Be Realistic and Plan Ahead

A little planning in advance can go a long way when it comes to financial matters. Because your POA will be responsible for tasks such as paying bills and managing your overall finances, you want to make sure you make the decision to establish one before you have to. Many people appoint their spouse, sibling, or child as their POA well before their services are needed. This avoids any confusion if you become incapacitated.

2. Choose Someone You Trust

Your POA will have a lot of control. It’s important to not only choose someone that you trust but also someone who can handle the job. They don’t need to be financial experts, but they do need the capacity to understand the decisions that will be made. If your financial affairs are complicated, you might want to consider appointing your CPA or attorney as your POA. Another challenge that comes with appointing a family member, such as your spouse, is that they may often suffer from clouded judgment. Your attorney can help you make this decision and choose the right person.

3. Meet With an Attorney

There are many packages and kits that are available online that can be used to set up your POA, but we don’t recommend this course of action because it can cause issues down the road. Instead, you’ll want to sit down with your lawyer to ensure that it’s been completed correctly. Sitting down with an attorney will also create a record of your wishes that can be referenced in the future in case there’s any confusion or disagreement.

As you might imagine, having a completed POA on file can help your loved ones avoid a lot of stress. Setting up a Power of Attorney is a smart move to make. Contact our team at 417 Business & Elder Law, LLC to learn more about how we can help you with this important document. Schedule your consultation today!

If you have questions about these services or would like to schedule a consultation with our attorneys, please give us a call today. We would be honored to assist you.