07 May The Coronavirus is One of Many Reasons for Getting a Power of Attorney
The Coronavirus is One of Many Reasons for Getting a Power of Attorney
By: Barry E. Haimo, Esq.
May 7, 2020
The coronavirus pandemic has led many to re-evaluate their estate plans. In particular, people are reviewing their decisions regarding utilizing a Power of Attorney. The serious consequences of catching COVID-19 have left many people without a Power of Attorney in an uncomfortable situation.
However, a global pandemic is not the only reason to get a Power of Attorney. Even once science has helped put coronavirus in its place, people will still have health and financial decisions to make. Getting a Power of Attorney will help make life simpler even once it returns to normal.
Choose a Decision-Maker
Without a Power of Attorney, you aren’t in control over who makes decisions if you’re incapacitated. In fact, the court may simply appoint someone without you or your family’s input. That leaves a lot of power in the hands of someone who is not familiar with your wishes.
If you choose your own Power of Attorney, you cut that off at the pass. Your Power of Attorney will be in charge of many decisions and a lot of information. By choosing someone you trust, you can guarantee that informed decisions will be made wisely.
Minimize Legal Battles
A will is helpful, but often is not sufficient on its own. One of the biggest issues is that wills can be contested.
This is also true of Power of Attorney, but if you give someone Power of Attorney and they follow the various legal directives you’ve created, it can reduce the chances of your beneficiaries getting tangled up in messy legal battles over the estate.
The Power of Attorney helps keep things on track.
Allow Immediate Access to Assets
Someone with Power of Attorney can access your assets as soon as you are incapacitated. This can save years of time in getting your estate finalized.
Without a designated Power of Attorney, your estate may get tied up in probate court. Your beneficiaries will be forced to spend time and money to have your wishes followed.
That can make an already trying time much harder for them. Appointing a Power of Attorney will help make their lives that much easier.
Provide Peace of Mind
Finally, getting a Power of Attorney can give you and your family some peace of mind.
Even the best estate plan isn’t completely bullet-proof. By selecting someone to be in charge of things, you can rest easy knowing that your family will be in good hands.
The Power of Attorney will help carry out your wishes and execute your estate plan effectively. You won’t have to worry about things going wrong or people disrespecting your wishes.
As you can see, there are plenty of reasons to get a Power of Attorney. They are there to help keep your estate plan on track, on time, and worry-free. If you have questions about the process of appointing someone as your Power of Attorney, reach out today.
Barry E. Haimo, Esq.
Strategic Planning With Purpose®
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