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Benefits of having powers of attorney

Creating an estate plan for after your death is important, but what happens if you fall victim to incapacity or disability while you are alive? If you get into a tragic accident or develop a serious illness, you may not be able to make your own financial or medical decisions. This is why creating powers of attorney is so important.

With these special estate planning documents, you can lay out your wishes and appoint different people to advocate on your behalf. Here is how powers of attorney can benefit you.

Manage your finances

If you develop dementia or fall into a coma, your bills, investment opportunities and other financial matters will not go away. With a financial power of attorney, you can designate an agent to handle all your financial responsibilities. A financial agent will be able to manage your transactions, settle your claims, make investments or any other financial duties you want him or her to handle. You can specify how limited or broad you want these responsibilities to be.

Make medical decisions

What happens if you are unconscious and a doctor must resuscitate you or put you on life support? If you have opinions about end-of-life care and how to handle your medical matters, you should appoint a health care agent by creating a health care power of attorney. You can choose a trustworthy person to make medical decisions for you if you cannot speak on your own behalf. The main reason for naming a health care proxy is to ensure your wishes regarding end-of-life-treatment are followed.

Gain peace of mind

If you want to create these documents, make sure you discuss your wishes with your loved ones. It is crucial to communicate your intentions and possible medical or financial needs. Documenting your preferences and appointing agents are important steps in the estate planning process. This will prevent your family from having to make difficult choices without knowing your desires. 

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