There are many different estate planning documents that help to protect people. Wills and trusts can protect dependent family members by clarifying what they should inherit or naming a guardian to support them. Advance directives can explain a person’s medical wishes so that loved ones don’t second-guess their choices.
Powers of attorney can protect both the person drafting the documents and their closest family members. Powers of attorney serve to designate a trusted individual as an agent or attorney-in-fact when an individual cannot manage their own affairs.
People may use powers of attorney to delegate financial and medical authority to others in case they experience an incapacitating emergency. Obviously, people do not know when an emergency might arise that makes such paperwork necessary. Who may benefit from drafting powers of attorney?
Adults preparing for retirement
The golden years are a time of relaxation and reconnection. They can also lead to various medical challenges. Advanced age may impact a person’s cognitive capacity, especially if they develop Alzheimer’s disease or another form of dementia. Drafting durable powers of attorney that retain their authority even in the event of permanent incapacitation can be beneficial for those who want to avoid an involuntary guardianship later in life.
Younger adults
New adults who have not yet married might expect their family members to support them in an emergency. They believe that their parents can pay their bills and manage their medical care. However, privacy laws prevent parents from actively participating in the medical care of their adult children in most cases. Powers of attorney help ensure that new adults who are 18 or older have someone to support them in an emergency.
Divorced individuals
Married people automatically benefit from the support of a spouse. Spouses generally have access to one another’s resources and medical records in most cases. After a divorce, people may need to address their vulnerability by drafting powers of attorney.
Establishing powers of attorney before an emergency arises can protect people who might otherwise be quite vulnerable. Adults in a variety of different circumstances can derive both protection and peace of mind from drafting powers of attorney.