Fri. 4th Dec. 2015
Regardless of your age, the creation of Power of Attorney documents are essential. These documents have differing names depending on where you live. They may also be called Durable Powers of Attorney. The name is unimportant, what is essential is that you have the conversation with your family about your wishes.
Powers of Attorney (POA) address two different life wishes. One POA covers healthcare and the other is property or finance. These documents are prepared in anticipation of needing them. It is too late to think about these tools when you are no longer able to make sound decision on your own behalf.
You will want to explore your own beliefs and wishes first. If you are unsure of the direction to take, speak to your attorney or accountant for the finance or property POA. If you have questions about your POA for healthcare, speak to your physician. There are many resources on-line for your to use.
Once you have clarified your wishes, have the documents prepared. Jurisdictions differ on who can complete the documents, the number of witnesses and whether a notary public is necessary. As you prepare the documents, you will need to identify an agent to act on your behalf. Make sure that you discuss your selection of that person with the agent. Also discuss the details of what you want done. The Agent is going to act on you behalf so they need have an intimate knowledge of your wishes. Then share the completed documents with important persons in your life. Do not lock them in a safe deposit box where they cannot be accessed.
With the Holidays approaching, now is a great time to have the discussions with family and friends about your wishes. It is one of the best gifts you can give yourself.