Estate planning is often thought of as a necessary evil, but I’d like to propose a different perspective. You have lived a life that’s uniquely yours. You’ve worked hard to achieve what’s important to you and to preserve the relationships that matter most. A proper estate plan honors these accomplishments and pays respect to both you and your loved ones. There are a number of components. Below, we will discuss the must-haves.
Powers of Attorney
There may come a time when you are no longer willing or able to physically or mentally care for yourself. It is important you have someone you trust to make decisions on your behalf. In order to ensure this individual is of your choosing, you must establish the person and their powers in writing while you have legal capacity. If you also have children with special needs, it is important to secure their care and protection before you begin to age yourself.
It is important to understand there are different types of powers of attorney. If you willingly hand over complete control, you are allowing another individual to borrow money, access your bank account, sell your personal property, and enter legal contracts under your name. In contrast, without enough authority, the individual may not have the rights needed to make meaningful decisions. Thus, it is wise to grant powers of attorney under the guidance of a trained legal professional.