Giving someone your power of attorney is a sign that you have a lot of trust in them. If you are hung up on who to give this authority to, we might be able to help. Our Washtenaw County power of attorney lawyers can tell you more about what POA means and how you can set limits and leave behind instructions for your loved ones. We can also tell you what happens if you end up incapacitated before giving anyone this important power.
What Does Power of Attorney Allow Someone to Do?
Giving someone power of attorney allows them to make decisions on your behalf. You can give this power to one or multiple people. Some choose to split up financial and medical powers of attorney, for example. You can leave instructions and set terms about when someone would be able to use this authority.
What Are the Primary Risks of Not Giving Someone These Powers?
The biggest risk is that your family will be unable to make decisions for you once you are incapacitated. Multiple family members might have different ideas about how you want to be treated medically or what you want to happen with your business. This can lead to arguments and court battles.
A judge isn’t just going to decide to go with one person’s plan. There have to be deliberations and you have to be declared incompetent. Then there could be a court battle to allow someone to make a decision about you. This can delay medical care, cause economic losses, and lead to strife between family members.
Then, if you recover and can make your own decisions again, the court has already declared you incompetent. You have to go back and make a case that you are now able to make your own decisions. If you gave someone power of attorney, your ability to make your own choices will revert back to you once you are clearly healthy enough to make them.
Who Can I Give Power of Attorney To?
You can give this power to anybody really. As long as you think that they are qualified to make decisions and follow your instructions, they could be considered. Some good candidates can include:
- Close family members, like children or a spouse
- A longtime friend of yours
- A lawyer or accountant
Do I Need a Lawyer?
Hiring a lawyer to handle your estate plan is always a good idea. They can help you assign power of attorney and take advantage of other tools that can give you more authority over your own estate and your affairs. We’re here to answer any questions you might have.
Schedule Your Consultation
If you want to learn more about power of attorney and how an estate plan can benefit you and your family, contact Collis, Griffor & Hendra today. We can schedule a consultation and tell you more about what our attorneys can do to be of assistance.
