Is Naming A Power Of Attorney Right For Me?
The idea that decisions could be made on our behalf about our medical treatment or our finances is a frightening one. While this possibility might seem remote, it is certainly not impossible. An accident or an unforeseen medical calamity could put a relatively young and healthy person into a coma or other condition where they cannot communicate their wishes.
One thing you can do is name a power of attorney in case this terrible situation were ever to come to pass. A power of attorney is a document creating by a person with the mental capacity to do so in the event of incapacitation. A power of attorney arrangement only would go into effect if you found yourself in this situation; there is no danger of someone taking control of your affairs if you are able to continue to do it yourself.
Isn’t It Better To Be Safe Than Sorry?
Having a power of attorney named, should the conditions warrant, can provide peace of mind for someone concerned about their care in the event of an illness or injury. An attorney-in-fact, as someone given power of attorney is known, can be authorized to make decisions about your medical care in the event of an emergency. This could include not permitting resuscitation efforts, administering certain medications or otherwise advocating for your wishes.
From a financial perspective, someone given power of attorney can take care of your bills and mortgage payments, and could sell assets such as securities or real estate that you hold in order to pay for your treatment and other needs.