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The Hidden Costs of Not Having an Estate Plan

Why failing to plan now could cost your loved ones later. Many people assume estate planning is only necessary ...

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How Can I Create A Power of Attorney?

March 13, 2019

Most people would first turn to an online process to assist with the drafting of a power of attorney, but this is not recommended. State laws vary in terms of how to establish a power of attorney and because of the specifics in the law, it is recommended that your document is executed in accordance with state laws.

Close-up Of A Person Holding Pen Over Power Of Attorney Form

This can be done by scheduling a consultation with an estate planning lawyer. Prior to generating a power of attorney, you need to do some thinking. what aspects of your life do you want an agent to be eligible to handle. Furthermore, you must approach the process of selecting the agent thoughtfully.

This is because this person will be in charge of your affairs as outlined in the power of attorney, especially if you become incapacitated. Establishing a power of attorney document also requires coming back to it over time.

At least once a year, you need to make sure that your POA document still reflects your wishes.

Knowing that someone else will be able to step in and handle your affairs and knowing that this person is selected by you rather than the court can give you a great deal of peace of mind but putting together your own power of attorney document exposes you to the possibility of making mistakes. This means that you should instead speak directly with an estate planning lawyer to verify that the language inside your power of attorney document is accurate.     


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Listen in, Join the Conversation!

Recent Posts
The Hidden Costs of Not Having an Estate Plan

Why failing to plan now could cost your loved ones later. Many people assume estate planning is only necessary ...

The post The Hidden Costs of Not Having an Estate Plan first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
From Wealth Creation to Wealth Preservation: How Entrepreneurs Transition Post-Exit

For many entrepreneurs, building a business is a decades-long journey of wealth creation, culminating in a lucrative exit. ...

The post From Wealth Creation to Wealth Preservation: How Entrepreneurs Transition Post-Exit first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more