A power of attorney is an important estate planning document in Michigan. But, it has limitations and may not always be implemented quickly.
For the most part, our loved ones know us fairly well. They understand our interests, what we don't like and even our aspirations. But when it really comes down to it, do you feel like they really know you and what you would do in a given situation? This is what needs to be considered and addressed when drafting powers of attorney. Many individuals in Michigan and elsewhere are faced with the task of naming a loved one to make their financial and health decisions if they are deemed incompetent. This is anything but an easy task to complete.
As previously discussed, estate plans can include more than just a will. For this reason, everyone should understand the role powers of attorney can play, as they can be a crucial document to include in the estate planning process. While a power of attorney is a document full of potential that could protect the future health and financial needs of an individual, it is also a document that could have various pitfalls if not properly drafted and executed.
Whether we like it or not, we all age and will eventually die. While facing this reality is not always easy, especially when we are in our youth, we can take steps early on to prepare ourselves for elderly life. Because we never know when or if we will need temporary or long-term care at a nursing home, it is important to plan and prepare for this possibility from a financial perspective. In addition to getting your finances in order, it is also equally important to determine who you trust to make your financial and medical decisions if you are no longer able to make them for yourself.
Deciding to draft an estate plan is a major decision, but it is also a very useful and important step to take. No matter your age, individuals in Michigan and elsewhere should take the time to assess their situation and determine what is best for them later in life. Making end-of-life decisions is not easy for anyone, but it has become a necessary step to ensure our needs and interests are protected.
An estate plan involves taking the time to draft many important and life determining documents. It can be challenging to consider the what-ifs in life; however, some of these documents can play a very vital role when you are deemed incapacitated, unable to care for yourself or even unable to make major decisions for yourself. Thus, you need to invoke that power onto a trusting person, and when it comes to your finances, it is imperative that you carefully design a power of attorney that will grant the appropriate powers to the designated person
Many residents of Oakland County as well as those throughout the Detroit metro area may have heard of a power of attorney, but not every may have one or see even how they can benefit by signing such a document.
When you are working on your estate planning, it is important to choose the right power of attorney. The power of attorney's job and responsibility is to work on your behalf and make every effort to know you well enough to make decisions that you would have made, if you are in a condition where you cannot communicate or make your wishes known. This is especially important in terms of your living will, which documents your health care wishes if you become incapacitated.
There are certain points in time where it is clear that an individual should take certain steps in life. But unlike some things that have defined ages, such as getting a driver's licenses and or when a couple can get married, drafting estate plan is much different. While some documents can come into play no matter what phase of life an individual in Michigan or elsewhere is in, others are more complex and more appropriate later in life or when the health of an individual is in question.
There are many parts of a person's financial life that can easily become a chore. Some of these duties are things that need to be managed on a monthly, weekly or even daily basis. If these seemingly routine tasks are not carried out, though, there can be long-term consequences.