The single-most important estate planning documents to have in place are powers of attorney.
There are only two people in the world who can put someone in charge of making and carrying out decisions for you if you become incapacitated. One is you, by having powers of attorney in place, and the other is a judge in a court proceeding.
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses powers of attorney and explains why it’s important to have them in place, both financial and healthcare.
Why You Really Can’t Do Without Powers Of Attorney
Hi, I’m Wes Coulson and this is your Elder Law Minute. I want to talk to you today about why you really can’t afford to do without powers of attorney. In fact, if people ask me, “What is the single-most important estate planning document for people to have in place,” I would say powers of attorney.
You are more likely to become disabled during your lifetime at a given point in time than you are to die. There are only two people in the world who could put someone in charge of making and carrying out decisions for you. One is you, the other is a judge in a court proceeding.
If you don’t have powers of attorney in place, what you’ve essentially said is, “I’m okay with the idea of a judge appointing somebody to take care of my affairs, and I’m okay with all of my affairs, financially and healthcare-wise, now being a matter of public record for any curious onlooker to see.”
So, that’s really not a good place to be. You need to have powers of attorney. Thanks.
For more information on powers of attorney, visit these articles:
- Wills, Living Trusts and Powers of Attorney: How Often Should They Be Updated?
- Is Adding Someone’s Name To Accounts An Okay Substitute For A Power Of Attorney For Property?
- Why A Healthcare Power Of Attorney Is Better Than A Living Will
“Your Trusted Advisor on the Elder Care Journey”
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.