One of the most important aspects of estate planning is often one of the most overlooked. Unfortunately, many people have not taken the time to consider the importance of establishing a Power of Attorney. If you don’t have a Power of Attorney, you’ll want to keep reading to learn why taking the time to appoint one is critical to your future. The following blog explores the risks you can face without having an Agent and why working with a Medina County, Ohio Power of Attorney lawyer is imperative when you’re ready to establish this important document.
What Risks Do I Face if I Don’t Have a Power of Attorney?
First and foremost, it’s important to understand what a Power of Attorney is. This is a document that allows you to appoint someone, referred to as an Agent, to act on your behalf. They are generally able to make financial and medical decisions. There are many types of Powers of Attorney, like General, Springing, or Durable. These options allow you to have a greater say in how and when the appointed Agent will have the authority to make these decisions. Most people choose a Springing Power of Attorney as this can take effect if certain conditions are met, such as if you become incapacitated. However, you can also create a Durable Power of Attorney, which takes immediate effect if you need to deal with an acute health issue or travel for a shorter period of time.
If you do not have an established Power of Attorney and you become incapacitated or otherwise unable to communicate your wishes, especially in regard to medical care, the state will appoint someone to serve as your guardian or conservator. Though this may seem fine, you will have no say in who is chosen, meaning someone you do not trust can be appointed to this important role to make medical and financial decisions for you.
Additionally, failure to appoint a Power of Attorney can cause conflict and tension among your loved ones as they may be unable to agree on your wishes, especially if the person the state appoints as your conservator is unfamiliar with your wishes while others have a better idea of what you wanted.
How Do I Appoint One?
If you are ready to establish a Power of Attorney and Agent, it’s imperative to understand this process. Generally, you’ll find that the best way to ensure your wishes are met is to connect with an experienced attorney to help you establish these documents. Your attorney can explain your options to ensure you make the most informed decisions that accurately reflect your wishes for the future.
You’ll need to consider who you wish to appoint as your Agent. Because this role effectively allows someone to make medical or financial decisions for you, choosing someone trustworthy, honest, and reliable is generally in your best interest.
There are many considerations that must be made when determining something as important as your Power of Attorney which is why it’s in your best interest to connect with an experienced attorney from Krause Law. Our team can help guide you through this process to ensure you receive peace of mind for the future. Contact us today to learn more.
