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Why Is Power Of Attorney Important?

Assigning power of attorney is an essential designation in which a person gives someone else the ability to make crucial decisions on their behalf. You can give power of attorney to other entities as well as people. These entities can include businesses, law firms, trusts, accounting firms or entities that may have a stake in a person’s livelihood. You can authorize those organizations to gather information and file documents on your behalf.

Understand who may need to assign power of attorney

Whether you’ve been diagnosed with a degenerative illness or have hit an age that makes decisions about the future more tenuous, you may want to consider assigning power of attorney. It’s imperative that whoever you choose to give power of attorney to is someone who can be trusted with your best interests. A person with power of attorney can make financial decisions, health/medical decisions and manage a person’s assets. There can be various distinctions and limitations made when appointing power of attorney. Here are some of the forms of power of attorney:

General: This designation assigns broad powers of decision making to the person. This power could be arranged to end in the scenario that you become incapacitated or pass away.

Limited: This power of attorney provides for highly specific items for authority and action.

Durable: This remains in effect after incapacitation. A court will need to appoint a conservator or guardian if there is no person listed under a durable power of attorney.

Protecting your future

You want to make the decisions pertaining to your health and business now while you can plan out any contingencies. Don’t let a sudden illness or life event result in poor decision making for your future. Get a plan together before it’s too late. 

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