The importance of Power of Attorney in Life Planning

If something were to happen to you, would family members be able to make proper decisions regarding your health care options or your financial affairs? Without a precisely defined record of how you would like to have your money, your life, and your belongings handled in case of absence or disability, financial obligations will end up in litigation, and necessary care can be delayed.

Should you become incapacitated to give instructions on your health care as judged by your residential state’s laws and by at least two physicians, health care arrangements would be the responsibility of your physician(s). If family members were to differ with the determination procedures planned or of care, a judge could be asked to rule. Bearing in mind that this can be an expensive and lengthy process, having such decisions and documentation in place before the need emerges is good practice.

Should no planning and no documentations be done and drawn up for financial affairs, a court proceeding is inevitable. A close relative, spouse or partner would have to demand at least a restricted ability to access accounts, funds received in financial institutions, and the ability to make arrangements on your behalf regarding your real estate, money, and personal property. For proceedings to occur, the judge would be expected to rule you weak to handle your own affairs. Once this decision takes place, a conservator is appointed. A conservator preserves your estate until you can regain pass away or control. However, once this appointment is made, you lose all ability to manage your affairs. A conservator must often post a bond that protects the estate’s money, and property should the conservator misuse or steal. Also, a conservator must file publication reports regarding the state and balances of financial affairs. Only the courts may revoke the conservator’s appointment.

While it may seem far-reaching to need such documents and agreements, particularly if you are healthy and young, it is easy to ignore as time passes or if an accident should occur. One should take into consideration their state of affairs and their wishes regarding life procedures and health care. Would you want a bunch of doctors making possible life-altering decisions on your behalf? Do these health care staff or doctors know your beliefs or wishes? Would you want to put your companion or family in a state of financial pressure while courts determine who is most likely to handle your financial affairs in your most significant interest? No matter which form is drawn up, a power of attorney can be changed or changed at any time, based on your situation and needs. It is far better and of great help to know that your life, health care, and financial affairs will be finally handled in the manner in which you prefer, rather than left to the laws of the state in which you reside or a team of medical practitioners.

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