Power of attorney is an important part of your estate plan. It basically gives another person the ability to make important decisions on your behalf. This is important because you may one day be unable to make decisions for yourself. This can cause confusion and strife among your loved ones, so talking to a Bergen County power of attorney lawyer and choosing the right people to give this capability to is a necessity.
Are There Different Types of Power of Attorney?
The power of attorney is often broken down into two separate items. You can give someone your financial power of attorney or your healthcare power of attorney. As the names suggest, one gives someone the ability to make financial decisions for you while the other gives someone the power to make your healthcare decisions.
You can give both of these powers to one person or you can split them. The important thing is to choose someone who can be relied on. We also recommend talking to someone before bestowing such an important responsibility on them. You want to make sure that they are prepared for this role and capable of carrying it out along with their other obligations.
Do I Have to Give Up My Decision-Making Abilities Right Away?
Some people are wary about this process because they don’t want to give up their power to make decisions. That makes sense, but you do not need to give up your autonomy when you choose who to give power of attorney to.
This is because you can make sure that this power only kicks in during certain scenarios. A “springing” power of attorney can come into effect when you are incapacitated, for example. So when you are able to make decisions for yourself, you maintain that capability. Once you are unable to carry out these tasks, a trusted person that you named can help you.
What Happens If I Don’t Give Someone Power of Attorney?
If you do not give someone these powers and something happens to you, there could be disagreements about how matters are handled. If you are hurt and unable to make your own healthcare decisions, family members can end up arguing over the best course of action. When no one has your healthcare power of attorney, this can delay care and result in court battles.
Similar issues can arise when financial decisions need to be made and you are unable to make them yourself. Having someone who can handle these matters can give your family peace of mind.
Talk to an Estate Planning Lawyer
If you have more questions about how to prepare an estate plan and how you can minimize stress for your loved ones, contact the Law Offices of Colin M. Quinn. Every estate is different, so sit down with us and learn more about how you can safeguard your assets and pass something on to the next generation.
