There can be a lot to take into consideration when you are creating an estate plan. There are lots of moving parts. One thing that can be overlooked is considering appointing a power of attorney.
In Texas, the most common type of a power of attorney is called a durable power of attorney.
This designation allows someone to make financial and other personal decisions on your behalf. A durable power of attorney applies to any mental or physical incapacity.
There are many ways in which having a power of attorney can be helpful. There are certain scenarios in which it could be particularly important to have such a document. Of course, you should always consider the specifics of your own situation.
Facing a long-term illness
If you or a loved one is facing a long-term illness, it can be a good idea to have someone trustworthy designated with power of attorney.
This way, medical decisions can be resolved in a timely manner, and the person affected can remain on the best treatment plan.
Power of attorney privileges can be as broad or specific as the person wants. They can apply to only medical decisions or encompass more aspects of life.
An Alzheimer’s disease diagnosis
If a family member has Alzheimer’s disease, designating someone with power of attorney could make things easier. This person could help ensure the individual with the disease receives the help and care they need on their journey.
A person with this designation can authorize certain financial transactions to ensure high-quality care.
They can also help with unresolved financial details if the principal is no longer able to make these decisions.
Long trips or vacations
Before you travel through Europe, you may want to appoint a power of attorney. If you invest in things like short-term stock portfolios, this can be a good idea.
The same goes for anything of high value you’re trying to sell but can’t be there in person. Appointing someone to oversee the selling of large items while out of the country could give you peace of mind.
Setting up a power of attorney doesn’t make someone powerless to make their own decisions. Rather, it can help everything go smoothly should there be a time when they are unable to make certain decisions.
If you have questions about appointing a power of attorney or estate planning in general, an attorney specializing in elder law can help.