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Why you should consider powers of attorney for your estate plan

On Behalf of | Mar 13, 2024 | Estate planning |

It is difficult to consider what will happen if you are ever in a place where you cannot speak for yourself. While it is not pleasant to consider your own mortality or the possibility of incapacitation, it is necessary to do so for your own sake and for the sake of your loved ones. One practical way to do this is by creating a thoughtful estate plan and ensuring that it has all of the elements necessary to ensure you have complete protection. 

Powers of attorney are critical additions to any estate plan. These documents help you protect your finances, your property and your medical care. Creating powers of attorney allows you to have a say in the event of incapacitation due to a physical or mental condition. If you do not currently have this as part of your estate plan, it is important that you add it in a timely manner. 

What is a power of attorney and what are the benefits? 

A power of attorney gives legal authorization to someone, called an agent, to act on behalf of someone else in the event of that person’s incapacitation. Depending on the type of power of attorney, the agent may have the authority to make decisions related to finances, medical care and legal matters. To make a power of attorney legally binding, both parties must sign the document in front of a witness. The agent must be willing to act in the best interests of the principal. 

There are health care powers of attorney, which is an important factor to your protection. You can name someone you trust to make medical decisions on your behalf, particularly in matters not specifically named in your living will. There is also a financial power of attorney, which would allow your agent to make financial decisions for you in case you are in a position in which you cannot do so for yourself. 

Facing the future with confidence 

An important step for your protection and for the benefit of your loved ones is to create powers of attorney. An assessment of your New Jersey estate, your goals and other details can help you create an estate plan that will allow you to face the future with confidence. Part of this may mean drafting powers of attorney and taking other important steps for the benefit of your future.