When many people think of estate planning, they think of wills, trusts, and other legal tools that help them plan for after they pass away. However, estate planning has another important purpose – to plan to protect your interests should you become incapacitated by illness or injury. Should this happen, you want to make sure someone has the authority to take care of you and your affairs.
If you suddenly become unable to handle your financial and legal affairs, these affairs do not simply come to a halt. However, someone will not automatically have the authority to access your accounts, cover your expenses, and manage your investments unless you give them such authority in advance.
Power of attorney is a legal document in which you designate one or more individuals who will have permission to access your accounts, get financial information, respond to legal matters, file taxes, pay bills, and much more. This ensures there is little to no disruption in your finances if something incapacitates you.
You will also want to designate someone who will make decisions regarding your personal care. This includes:
This makes sure that your quality of life remains even after you are unable to care for yourself.
You cannot designate a power of attorney after you are incapacitated, and many incapacitating events are sudden and unexpected. This makes it important to draft this document now with the help of a St. Augustine estate planning attorney.
If you would like to learn more about estate planning or update an existing plan, do not hesitate to reach out to Naples & Spence, Attorneys at Law. Contact us online or call 904.478.8964 to learn more.
