Planning for a day when you will not be able to handle your own assets, either due to death or disability, can give you more control today as well as in the future. At a minimum, everyone should have a will and powers of attorney for their finances and health care. A will allows you to assign a guardian for your minor or disabled children and give instructions for how you would like your estate to be disbursed following your death. The power of attorney documents can be utilized while you are still alive and can be very useful if you become incapacitated.
When you select someone to be your power of attorney, you give them the right to act on your behalf so be sure you trust them to make the decisions you would. Many people choose different family members to serve as power of attorney for their health care and for their finances. The person you choose to relay your wishes to your doctors should understand your health situation and be willing to follow your instructions without getting too emotional. Since this may be the person who has to tell doctors that you do not want to be on life support, many people do not choose their adult children for this role. An estate planning attorney may be able to help you weigh your options, so you choose the right person.
Your financial power of attorney should be someone you can count on to pay your bills and manage your investments if you are unable to do so yourself. This person should be financially savvy and also be informed about the way you want your affairs to be handled. Once you give someone else financial power of attorney, they can take care of your banking and investments while you are out of town, sick in the hospital or simply too busy to do it yourself. While this is a very useful document to have, it can be detrimental if you appoint the wrong person. An Estate Planning Attorney such as Mark Aberasturi might give you guidance to help you through the selection process.
