The Who, What, and Why When it Comes to Having a Power of Attorney

Having a power of attorney (POA) can save you and/or your family from an unbearable headache and the cost of potential court action if you are left in a position where you’re unable to make your own decisions. A POA is a legal document allowing someone else to have the power to act or make decisions on your behalf if you cannot. Given the current COVID-19 crisis, we are reminded that it’s impossible to know what the future might bring. It’s best to be prepared in case you come down with an illness or an accident happens that leaves you incapable of making your own decisions. Let’s dive into the who, what, and why when it comes to having a power of attorney.

WHO NEEDS A POWER OF ATTORNEY?

It’s common to think that only aging seniors need powers of attorney. But the truth is, accidents and unexpected illnesses happen every day – even to those who think it’ll never happen to me. POA’s are the most important estate planning document that any person over the age of 18 should have in place. The person you select to be your Agent should be someone close to you or whom you trust, such as your spouse, sibling, friend, an adult child, or other trusted person.

Other people who should have a power of attorney are those who are facing significant health issues and might be unable to handle their own affairs soon, people who travel often, military personnel, adrenaline junkies, professional sports players, and those who work in dangerous jobs like law enforcement, construction workers, pilots, farmers, etcetera.

WHAT ARE THE TYPES OF POA?

There are different types of powers of attorney Property (financial), Health Care and Mental Health Directive. A POA for property provides your Agent with the authority to transact on your behalf in all enumerated financial and business transactions, purchase life insurance, and engage professional help.

A Health Care POA, allows your agent to make medical decisions if you are unconscious, mentally incompetent, or have another medical ailment that would prevent you from making the decisions for yourself.

A Mental Health Directive authorizes your Agent to work with mental health professionals to ensure you are provided necessary treatment when you are unable to make those decisions for yourself.

WHY IS A POA IMPORTANT?

Powers of attorney can protect your assets, property, finances, and medical care concerns if something were to happen to you. They can keep your life intact and make sure that your wishes are followed and you are properly taken care of if you cannot speak for yourself. Powers of Attorney also protect your family from any unnecessary stress, delay in caring for you and the financial burden of court action. The cost to execute these documents is only a fraction of the cost of seeking guardianship to protect an individual.

To ensure that your Powers of Attorney are properly drafted and include specific enumerated powers to cover your individual needs and wishes consult with an attorney today. Please know that Piercey & Associates are open and ready to meet and discuss how to protect you and your family. During this time of crisis, our staff is ready to hold telephone or video conferences to discuss your wishes and how best to protect you. We can complete the entire process electronically, because the rules have changed during this pandemic and allow for electronic signing, notarizing and witnessing. Give us a call today at (224) 848-4646 for the Barrington office or (224) 228-6825 for the Oak Brook office.