Importance of Power of Attorney for Estate Planning

The power of attorney will allow your lawyer to take over your documents in good faith. It becomes very essential that your representative understands the importance of legal documents such as your will, insurance policies, home certificates, pension card and any other property investment documents which should be preserved for any important use in the future. These documents can be of great help during your old days and have to be maintained well by your representative.

Knowing the Implications

Appointing a legal power of attorney is a task which requires deep thinking and understanding of the future implications. Therefore, it becomes necessary that you are in a healthy state of mind when you choose your agent and do not have to wait for a chance to regret upon your action later on.

General Power of Attorney vs. Enduring Power of Attorney

If you are unable to handle your financial affairs due to certain specific reasons at any particular point of time you could appoint a general power of attorney. These agents handle your financial and legal affairs when you cannot manage it yourself.This can happen when you are met with a sudden accident or in other similar conditions. Once you become capable of attending to these functions again, the general agent’s role ceases to work.

On the other hand, an enduring power of attorney can be appointed after consulting your  lawyer to handle situations when your mental condition is unstable and you are unable to make personal, lifestyle or medical decisions wisely. This person should have a broad knowledge about your financial and medical concerns and should be highly reliable to take care of you and your valuables.

If you need to know more about estate planning, call Will and Estate Lawyers for a consultation.

With regard to family issues concerns, ask your lawyer about family provision claims.