Power of Attorney Lawyers in Hot Springs, Arkansas Helping with Estate Planning
Nobody likes to think that, at some point, they may die or be too incapacitated to make their own decisions and manage their own finances. However, failing to plan for these events can leave your family and finances unprotected and vulnerable to disaster. We all hope that we will be able to control our own finances and make our own financial and legal decisions right up until the moment we leave this earth, but the reality is that most people spend some period of time before their death in a state of either mental or physical incapacity, or both.
Should the situation arise that you are not able to manage your finances or make important decisions, at least you can be sure that the person left to make those decisions and manage your finances in your place is a person you have chosen for the job. Power of attorney (POA) documents grant another person the authority to make financial, legal, and medical decisions for you in the event that you are unable to due to illness, injury, or death. To begin planning for the future and protecting your family and your assets, call Dudeck Law Firm today at 501-327-3527
Are There Different types of Power of Attorney Documents?
While all POA documents grant another person certain legal decision-making rights, they can differ in a few ways. A limited POA grants only certain rights for a limited amount of time. For example, you may have to sign a limited POA to allow an insurance company to total your car after an accident. Durable POAs continue after your death and allow the named agent to conduct business and make decisions in your name even after you are gone. Health care POAs grant someone the right to make medical decisions for you if you are unable to do so yourself.
Who Do I Choose as My Agent in POA Documents?
The foremost qualification for the named agent (attorney-in-fact) in your POA is that you trust the person to make good decisions in the best interests of you and your family. Another consideration in choosing an agent is age—you want them to outlive you, ideally, and have good mental faculties at the time they may be likely to step in (in your old age, most likely). Geography is another consideration. It may be difficult for someone living very far away to make timely medical decisions, for example.
How Do I Make Sure My Agent Follows My Wishes?
While there is no way to completely guarantee that the agent you name in your power of attorney document will follow your wishes, you can help them to do so by providing other estate planning documents that spell out what you want, such as a Letter of Intent stating what you want to be done with certain assets, or an Advance Directive for Health Care (Living Will) that specifies what kinds of treatment you do and do not want if ill or injured and unable to speak for yourself. Assuming that you have chosen a trustworthy person whom you believe has the sincere desire to follow your wishes, these documents will help to guide them in carrying out the duties that are required and giving you a voice when your own can no longer be heard.
Why Should I Hire Dudeck Law Firm to Create My Power of Attorney Documents?
Here at Dudeck Law Firm, we have years of estate planning experience and can clearly explain all of your options for ensuring that your finances and medical care are handled well in the event that you are not able to manage them yourself. We will assist you in creating legal power of attorney documents that are properly done and will stand up in court, if necessary, as well as advise you on the provisions to include in the document and the naming of an agent. Call our offices today at 501-327-3527 to begin planning for the future.