Powers of Attorney Is an Important Aspect of Estate Planning
As many Myrtle Beach residents know, estate planning is not just wills and trusts. There are many aspects of estate planning that a person needs to consider. One of these is creating a power of attorney, which is something that can be used when a person is still alive.
Powers of attorney are important estate planning tools. There are two types of powers of attorney. One is a health care power of attorney. The person who is designated a health care power of attorney will be in charge of a person’s health care decisions if they become incapacitated. This person will be an advocate for the principal’s health care and can make medical and mental health decisions. A principal can also entrust their health care power of attorney to make their funeral arrangements.
The second type of power of attorney is a financial power of attorney. This designated person will be in charge of a person’s financial accounts if they become incapacitated. They can pay bills, monitor bank accounts and investment accounts, make gifts, and perform other important financial tasks.
Having a designated power of attorney for financial and health care needs can ensure a person’s needs are met and their interests protected if they become incapacitated. A power of attorney is an important estate planning tool and an attorney who specializes in estate planning can ensure their client’s affairs are handled properly. An attorney understands the importance of planning for the future can make sure their client’s needs are met now and in the event an unexpected crisis occurs.